Sign in
Another USD 70 mn green loan for Turkey: The IFC agreed to loan Turkish cement manufacturer Çimsa Çimento USD 70 mn to aid its decarbonization plans, according to a press release. The money will help the energy-intensive company increase its use of renewable energy to 20% by 2025 while reducing its emissions by 10%. Turkey is the world’s second-largest cement exporter, with Çimsa making a significant contribution.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
What are Çimsa’s decarbonization plans? The company’s decarbonization efforts will include increasing energy efficiency, installing solar PV panels, improving waste heat recovery systems, and increasing the share of power generated from renewables. The IFC will also support Çimsa with its Cement Decarbonization Tool Advisory Service, which helps companies in the hard-to-abate sector identify where their operations can be optimized.
IFC 💚 Turkey: The IFC is a major backer of Turkey with a USD 5.2 bn financing portfolio. Last month, the IFC backed QNB Türkiye’s blue and green bond issuance. The corporation also injected EUR 100 mn into the private bank Türk Ekonomi Bankası A.Ş. in May to fund women-owned SMEs that are geared towards climate mitigation and adaptation as well as agribusinesses. In October 2023 , the IFC said it would invest USD 125 mn in Diversified Payment Rights (DPR) to Turkey’s state-owned bank Yapı Kredi, with at least 35% of the funds earmarked for SMEs focused on energy efficiency and renewables.
ICYMI- Just last week, the Climate Investment Funds also announced USD 70 mn in the country’s power transmission infrastructure to support expansion. CIF, alongside the European Bank for Reconstruction and Development and the World Bank Group, hopes that this initial investment would help galvanize more than USD 1 bn more funding from other partners to support grid expansion efforts.
