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In Turkey, Proparco and İşbank are continuing their partnership to support climate finance
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Long-standing partners Proparco and İşbank have just signed a financing agreement to support İşbank's climate and entrepreneurship activities. The €100 million credit line granted by Proparco will enable İşbank to develop its climate portfolio and to achieve its ambitious environmental goals.
The renewable energy market in Türkiye is expected to grow significantly in the coming years. As the country's leading private bank, İşbank plays a key role in developing renewable energy capacity.
The credit line is intended to support the bank's ambition to meet this challenge and, more broadly, to strengthen climate finance in Turkey. The financing will also enable İşbank to support small and medium-sized enterprises (SMEs), which are the main source of employment in the country.
Stéphane Froissardey, Regional Director of Proparco responsible for Türkiye, Middle East, Caucasus, Balkans and Central Asia, said the following about the transaction: “We are very pleased to reinforce our long-standing partnership with İşbank through this EUR 100 million facility, which will support climate finance and MSME lending. Collaborating with the country’s largest private bank allows us to broaden the reach and impact of this financing across the Turkish economy. The transaction is fully in line with our commitment to improving access to finance and supporting the transition to a low-carbon economy. We also wish to extend our congratulations to İşbank on its 100th anniversary. We are proud to stand alongside the bank at this symbolic moment and to support its continued contribution to sustainable economic development.”
İşbank’s Deputy CEO Ebru Özşuca, in her evaluation on the subject, stated that they are happy to enter into a new collaboration with Proparco, one of their long-standing partners in the field of sustainability, and said, “With this new resource we have obtained, we will support both micro, small and medium-sized enterprises and the projects that contribute to the fight against the climate crisis. As an institution that has contributed to the country's economy and social life since the day it was founded, we have always acted in accordance with the main principles of sustainability. With this approach, we have worked together with Proparco in various areas such as financing renewable energy and energy efficiency projects, energy efficiency in housing, agriculture and resource efficiency in agriculture, financing of individuals, farmers, micro and small businesses in earthquake zones.”