The private sector financing arm of Agence Francaise de Developpement, Proparco, and Turkey's fourth largest private bank, Yapi Kredi, have signed a €25 million credit facility agreement to finance renewable energy projects in Turkey, Proparco announced Wednesday.
The French development bank extended a €25 million loan to Yapi Kredi which is one of the leading institutions in the financing of renewable energy projects in the country, Proparco said, adding that this loan would further enrich the bank's commitment to Turkey’s sustainable development.
'Turkey, which mainly relies on fossil fuel, has the objective to increase the share of renewable energy in its energy mix. Proparco's financing, earmarked towards such projects, will contribute to renewable energy investments in the country,' the statement read.
'This first operation with Yapı Kredi was signed as Proparco celebrates its 40th anniversary in the region,' the bank noted, adding that its clients and partners gathered in Istanbul on Wednesday to recognize and further encourage the role of the private sector in achieving sustainable development outcomes.
Proparco committed €750 million over the past 10 years to support Turkish businesses and financial institutions, according to the statement.
By Ebru Sengul
Anadolu Agency
energy@aa.com.tr