Turkish Garanti bank gets EUR-150m loan from EIB, EBRD for sustainable energy
(ADPnews) - Dec 27, 2010 - Turkish lender Turkiye Garanti Bankasi (IST:GARAN) secured a EUR-150-million (USD 196.8m) loan from the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) for sustainable energy investments.
The credit was part of a EUR-250-million funding secured through the purchase of notes issued under Garanti's diversified payment rights securitisation programme, the bank said in a statement last week. The remaining EUR-100-million part of the financing was obtained from German bank WestLB.
EIB and EBRD extended EUR 75 million each under EBRD's mid-size sustainable energy financing facility (MidSEFF) for on-lending to the private sector for investments in mid-size renewable energy and energy efficiency projects.
WestLB's loan matures in five years, while the funding provided by EIB and EBRD has a 12-year term.