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Development Bank of Turkey (TKB) obtained USD 100 million long-term loan
 
Home Page \ Development Bank of Turkey (TKB) obtained USD 100 million long-term loan

Development Bank of Turkey (TKB) obtained USD 100 million  long-term loan

Loan agreement between Development Bank of Turkey (TKB) and the Japan Bank for International Cooperation (JBIC ) was signed on March 26, 2013 for providing funds to renewable energy and energy efficiency investments in Turkey.

The signing ceremony was held in Ankara under the JBIC GREEN operations for the amount of 100 million USD ( of which USD 40 million portion is to be co-financed by Sumitomo Mitsui Banking Corporation-(SMBC)), guaranteed by the Republic of Turkey Undersecretariat of Treasury.



At the signing ceremony, Mr. Metin Pehlivan, Acting General Manager of TKB, stated that; “As of the end of 2012, 140 projects of the renewable energy and energy efficiency investments have been evaluated. Of which 94 projects with 1.387 MW installed capacity have been provided with financial support of TL 3.1 billion.

The importance given by TKB to renewable energy and energy investment projects has been continuing and every step which helps decrease foreign source dependency is crucial. These types of financial transactions are within the scope of the activities of development banking”.  

Acting General Manager Mr. Pehlivan also added that, a total equivalent of USD 1.5 billion has been borrowed already from International Financial Institutions and this amount is expected to increase to USD 2 billion as of the end of 2013 with the new loans to be provided. The Bank takes care to finance the appropriate projects based on the renewable energy investments. In the coming period, solar and wind renewable energy projects are expected to increase slightly because of the decline in investment costs per megawatt and the new favorable regulations.



The long term loan obtained from JBIC in the scope of TKB’s successful co-operation with international financial institutions will be used to finance renewable energy and energy efficiency investments (limiting negative impact on the environment and society, preventing climate changes and reducing greenhouse gas emission) based on the appropriate repayment conditions.