- Region: The Middle East
- Environment
- Untied Loans
March 27, 2015
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The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed on March 26 a credit line agreement for setting up a credit line totaling up to USD150 million (of which JBIC's portion is USD75 million) with Türkiye Kalkınma Bankası A.Ş. (TKB), Development Bank of Turkey. The credit line is cofinanced with Mizuho Bank, Ltd. (lead arranger), with JBIC providing a partial guarantee for the cofinanced portion.
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TKB is a policy-based financial institution that supports the promotion of Turkey's national development projects, and adopted in its medium-term plan (2013-2015) the basic target of support for the promotion of renewable energy and energy efficiency and environmental conservation.
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The Turkish government has set forth an increase in its self-sufficiency rate as an important policy challenge and laid down the policy of focusing efforts on developing renewable energy resources and improving energy efficiency. This credit line will support such efforts by the Turkish government, while it is expected to help disseminate Japan's advanced environmental technologies, which earned high international acclaim in this country. This is also compatible with the "ACE: Action for Cool Earth" announced in November 2013.
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As Japan's policy-based financial institution, JBIC will continue to support global environmental preservation efforts in cooperation with such overseas governments and financial institutions by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.