EBRD lending 40 mln euro to Turkey’s Is Leasing to support green investments

The European Bank for Reconstruction and Development (EBRD) said that it is providing a 40 million euro ($48.2 million) loan to Turkey's Is Finansal Kiralama (Is Leasing), to boost investments in resource efficiency and renewables in the country.

The loan is provided under the Turkey Sustainable Energy Financing Facility (TurSEFF), backed by the EU and funds from Turkey's finance ministry, the EBRD said in a statement on Friday.

"Greening the Turkish economy is one of the EBRD’s main goals in the country. The bank is committed to providing funds and policy support that will help Turkey cope with the coronavirus crisis and use the current situation to “tilt to green” decisively," the bank said.

The loan will also help strengthen Turkey's financial sector and contribute to a more rapid increase in the use of leasing, a viable alternative to debt financing, the EBRD noted.

Is Leasing, a subsidiary of local private lender IsBank, is the second-largest leasing company in terms of leasing receivables in Turkey, according to the statement.

($ = 0.830313 euro)

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