EBRD helps TEB Arval to electrify transport

LONDON

The European Bank for Reconstruction and Development (EBRD) is providing a 50 million euro loan to TEB Arval, a full-service fleet leasing and mobility solution company, to finance a new fleet of electric vehicles.

The proceeds of this loan will be used to finance the acquisition of 1,200 electric vehicles — including both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) — to reduce the company’s carbon footprint and increase its sustainability, the EBRD said in a statement.

Historically, Türkiye’s transport sector has had a severe impact on the environment in terms of both air quality and greenhouse gas emissions, it noted.

TEB Arval wants to be a pioneer in Türkiye’s transition to low-carbon mobility, seeking to increase electric vehicles’ share of its total fleet by 2027.

“The EBRD is proud to be supporting TEB Arval in its journey towards a more sustainable future. This investment underscores our commitment to accelerating the transition to greener mobility solutions, fostering innovation and promoting environmental responsibility across the sector,” said Mehmet Erdem Yaşar, the EBRD’s deputy head of Türkiye.

“This collaboration with the EBRD marks a significant step toward promoting low-carbon transport across the country," commented Kağan Yaşa, TEB Arval’s general manager.

The EBRD is one of Türkiye’s key investors, with over 22 billion euros committed through 476 projects and trade finance limits since 2009, most of it in the private sector.