EBRD loan to expand green financing opportunities in Türkiye

• Loan to QNB Finansleasing for green investments
• Project comes under the EBRD's Türkiye GEFF II programme
• Proceeds to enable climate ambitions, including energy efficiency

The European Bank for Reconstruction and Development (EBRD) is providing a €25million loan to Türkiye'sQNB Finansleasing for on-lending to sub-borrowers implementing green economy investments for energy-efficiency, renewable-energy and climate-resilience measures.

The loan to QNB Finansleasing comes under the Türkiye Green Economy Financing Facility II (GEFF II), which aims to build on the success of the previous facility, contributing to the deployment of green finance in the country.

Addressing climate change remains a significant goal for Türkiye, which has set itself a 2053 net-zero target. To reach net zero, Türkiye needs around US$ 10 billion in financing annually through 2030.

Established in 1990, QNB Finansleasing is an important player in the country's leasing sector and a longstanding partner of the EBRD, striving to implement a customer-oriented approach and offer tailor-made models designed to suit customer needs.

The EBRD's Deputy Head of Türkiye, Oksana Yavorskaya, welcomed the transaction, saying: "We are pleased to see QNB Finansleasing joining the second phase of GEFF.

"The demand for green financing in Türkiye is critical, and leasing companies play a pivotal role in expanding the deployment of green initiatives. The EBRD is dedicated to accelerating Türkiye's green transition and partnering with financial institutions to provide the tools essential to achieving the country's climate goals. I am confident that this partnership will contribute to that path."

Commenting on this significant loan agreement, QNB Finansleasing General Manager Osman Taş said: "At QNB Finansleasing, we integrate sustainability into the core of our business operations, enabling our clients to shape their investments with a forward-thinking perspective. To date, we have financed nearly 500 MW of renewable-energy projects and have strongly supported initiatives in energy efficiency and water management. These investments not only address current energy needs but also lay the groundwork for our objective of creating a more liveable world for future generations. Our new loan agreement with the EBRD underscores our commitment to the green transition and further solidifies our leadership in the sector with sustainable financial solutions. We are delighted to advance our collaboration with the EBRD to this new stage."

The EBRD is among Türkiye's key investors, with more than €20 billion committed through 453 projects and trade finance limits since 2009, most of it in the private sector.