Third Credit Line for Türkiye Kalkınma ve Yatırım Bankası A.Ş. under GREEN Operations
Supporting Renewable Energy and Energy Efficiency Projects in Turkey
- Region: The Middle East
- Untied Loans
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on March 29 a loan agreement for a credit line totaling up to USD170 million, of which JBIC's portion is USD102 million, with Türkiye Kalkınma ve Yatırım Bankası A.Ş. (TKYB), the Development and Investment Bank of Turkey. The loan is co-financed with Sumitomo Mitsui Banking Corporation (lead arranger), The Joyo Bank, Ltd., and The Hachijuni Bank, Ltd. JBIC will also provide a guarantee for the portion co-financed by the private financial institutions.
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 Turkey. This is the third GREEN loan provided to TKYB, following loans in March 2013*2
and March 2015*3
The Government of Turkey has set forth improvement of the energy self-sufficiency rate as an important policy issue, and laid down this policy to focus on the development of renewable energy resources and energy consumption efficiency. TKYB is a policy-based financial institution that supports the promotion of Turkey's national economic plan, and actively supports environmental preservation for the sustainable development of Turkey. This credit line is expected to support such efforts by the Government of Turkey and help to disseminate Japan's advanced environmental technologies, which have earned high international acclaim in the country.
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.