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€50 million loan to Garanti Leasing to benefit small businesses
The EBRD is providing a loan of €50 million equivalent in Turkish lira to Garanti Finansal Kiralama A.S. for on-lending to small and medium-sized enterprises (SMEs) in Turkey for energy efficiency investments.
The loan is extended under the third phase of the Turkey Sustainable Energy Financing Facility (TurSEFF III) which provides financing of €400 million to commercial banks and leasing companies for on-lending to private sector SMEs as well as public sector beneficiaries for sustainable energy investments.
TurSEFF III is supported by a technical cooperation programme of up to €5.5 million by the European Union (EU) to promote the sustainable use of energy in Turkey and support private sector development.
Sub-loans under the credit line will contribute towards building a green economy by facilitating the expansion of resource efficiency and renewable energy lending in Turkey. Examples of possible investments include energy efficiency, water efficiency, waste minimisation and small-scale renewable energy investments.
Read the full story here.