The funding is being passed to Turkish bank ABank and is designed to boost sustainable energy investment in Turkey and support micro, small, and medium enterprises, which the IFC says is essential for economic development and job creation.
The IFC – which is a member of the World Bank Group – will directly lend $50m of this loan from its own resources. The remaining $25m is raised through the IFC-managed Co-Lending Portfolio Program, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.
The European Fund for Southeast Europe is the parallel lender in the project providing $22m to support the bank’s financing of micro and small enterprises.
ABank general manager Meric Ulusahin said: “We will create innovative products and additional opportunities to develop sustainable energy investment across all industries in Turkey.”