The European Bank for Reconstruction and Development (EBRD), a London-based multilateral financial institution, is planning to extend the equivalent of USD 200 million in Turkish lira to the Turkish Sustainable Energy Finance Facility (TurSEFF), which offers credit lines for banks to use to fund investments in energy efficiency and renewable energy projects. TurSEFF, which was launched in 2010 with the equivalent of USD 284 million, onlends to commercial Turkish banks to provide up to USD 5 million in credit to enterprises and individual borrowers. The wholesale loans from TurSEFF will be disbursed as either secured or unsecured credit.
TurSEFF will incorporate a technical cooperation program giving training to sub-borrowers on how to assess and finance sustainable energy investments. This portion of the program is funded with EUR 3.3 million (USD 4.3 million) from the European Union.
In 2011, EBRD disbursed a total of EUR 6.7 billion (USD 8.3 billion) in Eastern Europe, Central Asia and North Africa.
By Charlotte Newman, Research Associate
About European Bank for Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development (EBRD) is a multilateral institution headquartered in London. The bank began operations in 1991 upon the agreement of 40 countries and is now owned by 61 countries as well as the European Investment Bank and the European Union. It aims to finance operations that are both commercially viable and assist development in 29 countries in Eastern Europe, Central Asia and North Africa. It does this by providing loans, debt securities, equity investments, guarantees and technical assistance to micro- and small businesses via commercial banks and non-bank microfinance institutions (MFIs). In 2011, EBRD disbursed a total of EUR 6.7 billion (USD 8.3 billion).
Sources and Additional Resources:
EBRD Project: “TURSEFF F/W Extension I,” http://www.ebrd.com/pages/project/psd/2009/44446.shtml
Turseff: http://www.turseff.org/en/truseff-credits.html
MicroCapital.org story, February 25, 2013, “MICROCAPITAL BRIEF: Minsk Transit Bank, Belgazprombank of Belarus Access $50m Facility for SME Energy Efficiency from European Bank for Reconstruction and Development,” https://www.microcapital.org/microcapital-brief-minsk-transit-bank-belgazprombank-of-belarus-access-50m-facility-for-sme-energy-efficiency-from-european-bank-for-reconstruction-and-development-erbd/
MicroCapital.org story, November 14, 2012, “MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Lends $70m to Garanti Bank of Turkey, Hipotekarna Banka of Montenegro, Bai Tushum of Kyrgyz Republic,” https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-lends-70m-to-garanti-bank-of-turkey-hipotekarna-banka-of-montenegro-bai-tushum-of-kyrgyz-republic-2/
MicroCapital Universe Profile: European Bank for Reconstruction and Development
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Bank+for+Reconstruction+and+Development+%28EBRD%29
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