IFC lends $96 million to Turkey's Yapi Kredi Leasing to finance green energy, efficiency

ISTANBUL (Turkey), September 18 (SeeNews) – The International Finance Corporation (IFC) said it is lending $96 million (75 million euro) to Turkish leasing company Yapi Kredi Leasing to support its operations in energy efficiency and renewable energy projects.

IFC, the private sector arm of the World Bank, will directly lend $64 million of this loan from its own resources. The remaining $32 million has been raised through the IFC-Managed Co-Lending Portfolio Program, a syndications platform that allows institutional investors to passively participate in IFC’s senior loan portfolio, IFC said in a statement on Wednesday.

Yapi Kredi Leasing, a unit of Turkish bank Yapi Kredi, will use the loan to finance micro, small and medium size enterprises (MSMEs), the company’s general manager Ozgur Maras said in the statement.

Turkey has a climate-smart business investment potential of over $89 billion. The investment potential in energy generation accounts for almost $42 billion, of which $22 billion is in renewables, while the investment potential in industrial and consumer energy efficiency is estimated at over $4.5 and $30 billion respectively, according to IFC’s Investment Potential in EMENA report from November 2013.

($ = 0.778 euro)

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