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Istanbul-based Turkish Economy Bank (TEB) has signed a €100 million ($117.54 million) green financing agreement with the European Bank for Reconstruction and Development (EBRD), aiming to provide accessible funding to support Türkiye’s transition to a low-carbon economy.
The agreement, part of the Green Economy Financing Facility (GEFF II), an EBRD-led program that promotes green investments in emerging economies, will support a wide range of borrowers in Türkiye, including corporate firms, small- and medium-sized enterprises (SMEs), and individual consumers.
The program will enable investments in energy-efficient equipment, renewable energy technologies, and resource-saving projects focused on water, waste, and materials use, the EBRD announced on Monday.
In addition to financial support, eligible customers will have access to technical advisory services developed by the EBRD to help them design and implement effective green projects.
The deal is the first green-focused transaction between TEB and EBRD, expanding their partnership and aligning with broader efforts to promote sustainability and lower energy costs for businesses nationwide.
In a statement, TEB’s Deputy General Manager of Corporate and Investment Banking Omer Yenidogan said the financial sector plays a crucial role in advancing an inclusive, low-carbon economy. He added that this new funding line will provide targeted and effective financial solutions to help customers transition to greener operations.
EBRD’s Deputy Head for Türkiye Oksana Yavorskaya underlined that supporting TEB’s efforts to broaden access to sustainable and inclusive finance reflects their shared vision of building a resilient financial ecosystem that serves both people and the planet.
Founded in 1927 and reestablished through a joint venture with France’s BNP Paribas in 2005, TEB is one of the largest private banks in Türkiye, with total assets of €15.37 billion ($18.06 billion) as of September.
The EBRD, one of Türkiye’s largest foreign investors, has invested over €23 billion in the country through 500 projects since 2009.
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