300 Million Euro Climate Resilience Loan from TSKB and IBRD

Comprehensive Loan Agreement from Türkiye Sınai Kalkınma Bankası (TSKB)

Türkiye Sınai Kalkınma Bankası (TSKB) has launched the Financing Project for Adaptation for Growth in collaboration with the International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group.

Loan Agreement Worth 300 Million Euros

Under the partial guarantee of IBRD and the counter-guarantee of the Turkish Ministry of Treasury and Finance, a loan agreement worth a total of 300 million euros has been signed with Standard Chartered Bank, ING Bank, and BNP Paribas.

Enhancing Resilience to Climate Risks

With this project, TSKB aims to increase resilience against climate risks throughout Turkey. The first phase of the project, which will involve a total of 600 million euros to be developed with IBRD, aims to accelerate the adaptation of local firms to become more resilient and competitive against climate risks.

Innovative Assessment Tool

An assessment tool has been developed in the project utilizing TSKB's long-standing banking experience and sustainable financing approach. This innovative tool evaluates the vulnerability levels of firms to climate change for the first time on a sectoral and local basis.

Recommendations for Combating Climate Change

As part of the project, firms will be provided with recommendations for measures to mitigate the adverse effects of climate change, with the aim of strengthening overall climate resilience.

Statement from TSKB General Manager

In a statement regarding the matter, TSKB General Manager Ozan Uyar noted that this project is the first large-scale climate resilience project implemented in Turkey. Uyar stated, “I believe that this project will greatly contribute to our sustainable future by combining our accumulated knowledge and capacity in climate resilience with firms undergoing the green transformation process.”

Support from the World Bank and Emphasis on Strong Partnership

The World Bank Turkey Country Director Humberto Lopez emphasized that the project is a new turning point in Turkey’s efforts to build resilience against natural disasters and extreme weather events within the framework of a strong partnership with TSKB.