The European Bank for Reconstruction and Development (EBRD) announced Wednesday that Turkiye Is Bankas AS has joined the EBRD's program for enhancing energy-efficiency in Turkey.
The bank is the second Turkish bank to join the program, and its membership opens up a $75 million financing plan with $15 million coming from the Clean Technology Fund (CTF) and $60 million from the EBRD. The program, the Turkey Residential Energy-Efficiency Financing Facility (TuREEFF), is comprised of $282.5 million from the EBRD and $67.5 from the CTF.
TuREEFF funds can be lent to homeowners, homeowner's groups and service providers in order to improve homes and reduce energy usage.
“Investments in energy-efficiency at home can deliver big savings on energy bills," EBRD's director for financial institutions in Turkey Sylvia Gansser-Potts said. "We are pleased to see growing interest on behalf of our partner banks to lend our funds to their clients. Financing and advice are now available via the bank and we hope that more banks will join our efforts to promote energy-saving investments among Turkish households.”