Wedoany.com Report-Feb 27, The Industrial Development Bank of Türkiye (TSKB) has recently announced a €50 million loan agreement with the OPEC Fund for International Development (OPEC Fund). This funding is part of TSKB's commitment to achieving sustainable and inclusive development goals, supporting projects in renewable energy, energy efficiency, climate adaptation, and circular economy investments. Notably, this agreement marks the first collaboration between TSKB and OPEC Fund, with the aim of accelerating green transformation.

View from TSKB Building

The loan, provided through the on-lending method by the Turkish Ministry of Treasury and Finance, is expected to open new avenues for geothermal energy projects in Türkiye. Geothermal energy plays a crucial role in the country's renewable energy sector, contributing to energy security, carbon emission reduction, and sustainable growth. The collaboration between TSKB and OPEC Fund is highlighted by TSKB General Manager Murat Bilgiç, who emphasized that the loan diversifies sustainable finance resources and supports Türkiye's green transition goals.

OPEC Fund President Abdulhamid Alkhalifa also praised this partnership, stating that it represents a significant step toward achieving Türkiye's 2053 net-zero targets. This financing could enhance access to capital for the Turkish geothermal sector, aiding in the promotion of low-carbon energy sources and contributing to the fight against climate change. As TSKB continues to support geothermal investments, industry players can expect clearer insights into how to leverage these funds effectively.

This agreement underscores Türkiye's progress in advancing sustainable development, with a focus on renewable energy and climate adaptation. The partnership between TSKB and OPEC Fund is a testament to Türkiye's commitment to a low-carbon future and highlights the potential of geothermal energy in achieving net-zero targets. By providing new financial opportunities, this loan will support Türkiye's transition to a sustainable energy landscape, ensuring continued progress towards its climate goals.