AIIB’s first on-lending facility supports renewable energy projects in Turkey
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of up to USD200 million to the Industrial Development Bank of Turkey (TSKB), backed by a guarantee from the Government of Turkey. The loan will support long-term financing, primarily for renewable energy and energy efficiency projects.
The loan will finance renewable energy projects, including solar, hydropower, wind, geothermal, biomass and energy efficiency projects, and to a lesser extent in other infrastructure sectors, such as transport, water management and treatment, power transmission and telecommunications.
This is AIIB’s second investment in Turkey this year, following an earlier USD600 million investment in the Tuz Golu Gas Storage Expansion Project.
"This new investment program will primarily support sustainable energy projects in line with Turkey’s 2023 goal to alleviate the country’s dependency on energy imports. We also believe TSKB’s robust management procedures will ensure the extension of AIIB’s loan to renewable energy, energy efficiency and other infrastructure projects is of the highest quality," said AIIB Director General for Investment Operations Yee Ean Pang.
Press-release at the AIIB official web-site