EUR 250 million loan agreement for green transformation from TKYB and KfW

The Development and Investment Bank of Turkey (TKYB) has signed a loan agreement amounting to EUR 250 million with the German Development Bank (KfW) to finance Turkey's energy transition.

The Development and Investment Bank of Turkey (TKYB) announced that a loan agreement worth EUR 250 million has been signed with the German Development Bank (KfW) to strengthen funding sources for Turkey's energy transition. Implemented within the scope of the United Nations Framework Convention on Climate Change 31st Conference of the Parties (COP31) hosted in Antalya, the agreement was signed under the "TKYB Climate Finance and Economic Cooperation Credit Line."

The financing, provided under the repayment guarantee of the Ministry of Treasury and Finance, will be used to support companies' investments in renewable energy, energy efficiency, energy storage, climate technology production, and electrification. The project aims to contribute to the reduction of greenhouse gas emissions and dependence on fossil fuels.

TKYB General Manager İbrahim Öztop stated that they have taken their cooperation with KfW in the field of climate finance to an advanced level with this agreement, while KfW Chief Executive Officer Stefan Wintels noted that the contract is a major milestone in the long-standing cooperation between the two institutions.