Turkey secures $230m from EIB to fund green projects

Turkey has secured €200 million ($230 million) from the European Investment Bank (EIB) to fund clean energy and energy efficiency projects.

The financing arm of the European Union (EU) will provide €100 million each to the Development and Investment Bank of Turkey (TKYB) and Turk Eximbank, which will advance the funds to local small and medium-sized enterprises (SMEs) and mid-caps.

The financing will support projects that reduce greenhouse gas emissions, strengthen supply chains and energy security, and create new jobs in Turkey, the EIB said in a statement.

In March 2023, the EIB temporarily lifted its nearly four-year financing ban on Turkey by approving €500 million in financing to rebuild earthquake-hit regions, Reuters reported.

“We welcome the EIB’s return to Turkey,” said Turkish treasury and finance minister Mehmet Simsek.

The EIB, owned by 27 EU member states, has invested nearly €31 billion primarily in the country’s SME, transport and energy sectors since 1965.

Further reading:

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• Turkey’s wind energy capacity given $350m boost
• Turkey allocates $67m to support green transition