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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on December 21 a loan agreement for a credit line totaling up to USD200 million, of which JBIC's portion is USD120 million, with Türkiye Kalkınma ve Yatırım Bankası A.Ş. (TKYB), the Development and Investment Bank of Türkiye. The loan is co-financed with MUFG Bank, Ltd. and Resona Bank, Ltd. JBIC will also provide a guarantee for the portion co-financed by the private financial institutions.
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This credit line is extended as part of JBIC's GREEN operations
*1 and is intended to provide funding through TKYB for renewable energy projects and energy efficiency projects in Türkiye.
*2
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Since the Government of Türkiye ratified the Paris Agreement in October 2021, which is an international framework of measures against global warming, it has been improving the energy self-sufficiency rate and reducing the current account deficit by launching various policies for the development of renewable energy resources and energy efficiency. TKYB is a policy-based financial institution in which the Ministry of Treasury and Finance holds approximately 99% of its shares, and actively supports renewable energy and energy efficiency projects for the sustainable development of Türkiye. The credit line is intended to contribute to initiatives by the Government of Türkiye and TKYB, through extensive support for energy efficiency projects in the industries where decarbonization is promoted.
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As Japan's policy-based financial institution, JBIC will continue to support global environmental preservation efforts in cooperation with overseas government financial institutions and Japanese private financial institutions, including regional financial institutions, by drawing on its various financial facilities and programs for structuring projects, and by performing its risk-assuming function.
