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Publish Date : 14-May-2013

To promote renewable energy projects and energy efficiency in the country, Turkish VakifBank has bagged $80m award from the European Bank for Reconstruction and Development.

The money is being supplied to the bank under the EBRD's extended Turkish Sustainable Energy Finance Facility, a program keen to supporting Turkey's long-term energy strategy.

"The new funding will increase the role of Turkish banks in financing and promoting energy efficiency and will help shield SMEs from the impact of rising energy costs and high energy intensity in Turkey. This will save them money and make them more competitive in the long run," said EBRD first vice president Phil Bennett.

According to EBRD, sustainable energy is a main priority in Turkey where it spent €1bn in new projects last year alone.

The boost assists the country get nearer to its targets of dropping greenhouse emissions and growing its renewable energy mix. It moreover helps reduce the country's dependence on fossil fuels and boost energy security.

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