OPEC Fund and TSKB Partner to Advance Türkiye’s Green Transition with €50M Loan

The OPEC Fund for International Development has signed a €50 million loan agreement with the Industrial Development Bank of Türkiye (TSKB) to finance renewable energy, energy efficiency, climate adaptation, and circular economy initiatives.

The funding, facilitated through an on-lending arrangement with Türkiye’s Ministry of Treasury and Finance, marks the first collaboration between the OPEC Fund and TSKB.

OPEC Fund President Abdulhamid Alkhalifa highlighted the significance of the partnership, stating, “This milestone partnership with TSKB underscores our commitment to advancing climate action and sustainable development in Türkiye. By channeling funding into renewable energy, energy efficiency, and climate-resilient industries, we aim to support Türkiye’s transition to a low-emission economy and its net zero target by 2053, while fostering inclusive and green economic growth.”

Since 1976, the OPEC Fund has been involved in Türkiye’s economic development, supporting projects in energy, infrastructure, agriculture, and healthcare.

TSKB CEO Murat Bilgiç emphasized the loan’s role in enhancing sustainable finance options, saying, “We are delighted to establish our first loan partnership with the OPEC Fund, which will help diversify our sustainable funding sources and support Türkiye’s green transformation. This secured loan aligns with national climate goals and the 2053 Long-Term Climate Strategy, contributing to sustainable development and climate adaptation efforts. We aim for this resource to finance low-emission and resilient economy projects, bringing significant benefits to our country.”