The European Bank of reconstruction and development promotes energy efficienct in Turkey

The European Bank of Reconstruction and Development, or EBRD, is continuing to promote energy efficiency and renewable energy projects in Turkey by providing Vakifbank with $100 million for lending to local private companies investing in mid-size sustaina-ble energy projects, according to a press release. The financing to Vakifbank is extended under the EBRD’s Mid-size Sustainable Energy Financing Facility, MidSEFF, which was launched in December and forms an important component of the EBRD’s support for Turkey’s long-term energy strategy. MidSEFF funding is being closely coordinated with the European Investment Bank, or EIB. In this latest financing, the EBRD is providing $100 million to Vakifbank for lending to the private sector for making investments in renewable energy, industrial energy efficiency and waste-to-energy projects. “Improving energy efficiency is one of the EBRD’s key priorities in our countries of operations. The MidSEFF fosters rational energy use coupled with the acceleration and expansion of private investments in renewable energy sources. All this aims to support a clean energy transition in Turkey. It will reduce the reliance on fossil fuels and help meet the country’s energy needs in an environmentally sustainable manner,” said Michael Davey, EBRD’s Director in Turkey.