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Türkiye İş Bankası AŞ (İşbank) has joined the $350 million financing facility launched by the European Bank for Reconstruction and Development (EBRD) and the Clean Technology Fund (CTF) to boost investment in energy efficiency improvements for Turkish homes and help residents reduce their energy bills.
Under TuREEFF the funds are on-lent to individual homeowners, groups of homeowners, housing associations, condominium owners and cooperatives, as well as private service providers in the residential sector such as small and medium-sized construction companies, housing-management firms, vendors and installers of high energy-efficiency home improvement equipment and materials.
The programme finances improvements such as thermal protection, heating efficiency, domestic hot water supply, air conditioning, lighting and white goods, as well as the development of renewable energy systems in buildings.
The second Turkish bank to join TuREEFF, İşbank will receive a $75 million financing package comprising $60 million from the EBRD and $15 million from the Clean Technology Fund.
Sylvia Gansser-Potts, Director for Financial Institutions in Turkey and southern and eastern Mediterranean at EBRD, said: “Investments in energy efficiency at home can deliver big savings on energy bills. We are pleased to see growing interest on behalf of our partner banks to on-lend our funds to their clients. Financing and advice are now available via İşbank also and we hope that more banks will join our efforts to promote energy-saving investments among Turkish households.”