IFC, FMO invest in Finans Leasing to help boost energy efficiency in Turkey
ISTANBULThe International Finance Corporation (IFC), a member of the World Bank Group, and the Dutch Entrepreneurial Development Bank (FMO) are providing a long-term loan to Finans Leasing, a leading Turkish leasing company and a subsidiary of QNB Finansbank, the institutions said in a press release on May 4.
The financing will allow Finans Leasing to boost lending to small and medium enterprises (SMEs) across Turkey, helping them invest in eco-friendly projects, cut production costs and protect the environment, the statement read.
IFC is extending a five-year loan in the Turkish Lira, which is equivalent to $50 million, to Finans Leasing. The FMO is providing an additional loan in liras, equivalent to $35 million.
“The financing will support Finans Leasing’s sustainable energy program, which provides businesses with energy-efficient equipment and machinery, supports production line upgrades and promotes renewable energy. Finans Leasing plans to increase its energy efficiency lending by 35 percent in the next three years,” it said.
“Working once again with our strategic partner IFC, with the participation of FMO, we aim to finance the energy efficient investments of our SME clients that want to increase their productivity while decreasing their costs. While our customers benefit from long-term funding in local currency, the financing also helps preserve the natural resources of our country,” Metin Karabiber, the general manager of Finans Leasing, said.