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EBRD and ING Türkiye launch €100 million green and gender finance initiative

EditorNikhilesh Pawar
Published 11/23/2023, 09:21 AM
© Reuters.

The European Bank for Reconstruction and Development (EBRD) has unveiled a significant funding collaboration with ING Türkiye and its leasing division, unveiling a €100 million finance package designed to propel environmentally sustainable projects and bolster female entrepreneurship within Turkey. The package includes an additional US$ 5 million from the Clean Technology Fund (CTF), emphasizing the commitment to ecological progress and inclusive economic growth.

The financial package is part of a broader effort to support Turkey's transition to a greener economy and to promote gender equality in the business sector. ING Türkiye is directing €80 million, supplemented by the CTF funds, towards environmental upgrades under the Green Economy Financing Facility (GEFF). This initiative focuses on renewable energy adoption and enhancing climate resilience among sub-borrowers. An additional €15 million is earmarked to aid women-led small and medium-sized enterprises (SMEs) through EBRD's Women in Business program. ING Leasing will also benefit from a €5 million loan specifically for investments aligned with GEFF objectives.

Oksana Yavorskaya, EBRD Deputy Head, alongside Ayşegül Akay, Wholesale Banking EVP at ING Türkiye, have expressed their dedication to fostering an ecosystem that supports sustainable finance and empowers women in the Turkish market. This partnership extends the reach of the Türkiye Sustainable Energy Financing Facility, which has been backed by substantial support from the European Union since 2010, aiming to provide significant funds for women entrepreneurs through the Women in Business program.

The EBRD's engagement in Turkey is robust, surpassing an investment milestone of over €19 billion, with a strong emphasis on enhancing the private sector. The GEFF initiative itself is supported by a hefty €500 million funding pool established by EBRD in November 2021, with additional backing from CTF and the Türkiye-EBRD Cooperation Fund. Concurrently, the Women in Business scheme aspires to make up to €600 million available to domestic banks that lend to women-led SMEs, enjoying support from both European Union entities and Turkish government bodies.

This strategic financing package reflects a concerted effort to drive ecological sustainability while also addressing gender disparities in business ownership and leadership within Turkey's evolving market landscape.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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