The European Bank of Reconstruction and Development (EBRD) has given Turkey à¢â€š¬50m ($66m) for lending to private companies that want to invest in renewable energy, industrial energy efficiency and waste-to-energy projects.
The financing has been provided to Turkish bank Finansbank under the EBRDà¢€â„¢s à¢â€š¬700m Mid-Size Sustainable Energy Financing Facility, which is being co-ordinated with the European Investment Bank.
Noel Edison, director for insurance and financial services at the EBRD, said: à¢€Å“Green energy is profitable energy. By further securing funding to the private sector we ease the burden of initial investments into energy efficiency that in the long run will considerably lower energy bills for businesses.à¢€
Meanwhile, the European Investment Bank has approved a loan of à¢â€š¬50m to Lebanon for the financing of renewable energy and energy efficiency projects. The funds will be managed by the Lebanese central bank, Banque du Liban.
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