Türkiye Is Bankasi is the second Turkish bank to join $350m financing facility launched by EBRD and Clean Technology Fund (CTF).
CTF is a $5.3bn fund which was launched in 2008 to provide financing to middle income countries for developing low carbon technologies which will cut down green house gas emission.
The $350m funding facility for Turkey Residential Energy Efficiency Financing Facility (TuREEFF) includes $282.5m contribution from the EBRD and $67.5m from the CTF.
As per the agreement, Türkiye Is Bankasi will get $60m from the EBRD and $15m from the Clean Technology Fund.
The program finances energy efficiency projects like thermal protection, heating efficiency, domestic hot water supply, lighting and white goods, and development of renewable energy systems in buildings.
Funds are also provided to individual homeowners, condominium owners and cooperatives, groups of homeowners, housing associations as well as private service providers in the residential sector.
Türkiye Is Bankasi deputy chief executive Yilmaz Ertürk said: "The funds obtained through the new securitization deal we have completed successfully will help support the diversification and lengthening the maturity of our funding resources.
"It will also let us support the Turkish economy further specifically in the areas of financing of the energy sector and woman entrepreneurs which we, as Isbank, attach great importance to."
Image: Isbank receives $75m. Photo: Courtesy of European Bank for Reconstruction and Development.
