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Proparco extended a €25 million loan to Yapı Kredi, Turkey’s 4th largest private bank and one of the leading institutions in the financing of renewable energy projects in the country. This loan will further enrich the bank’s commitment for Turkey’s sustainable development.

Turkey, which mainly relies on fossil fuel, has the objective to increase the share of renewable energy in its energy mix. Proparco’s financing, earmarked towards such projects, will contribute to renewable energy investments in the country.

This first operation with Yapı Kredi was signed as Proparco celebrates its 40th anniversary in the region. Proparco’s clients and partners are gathered in Istanbul on June 20th to recognize and further encourage the role of the private sector in achieving sustainable development outcomes. In Turkey alone, Proparco has committed €750 million over the past 10 years to support businesses and financial institutions that are creating decent jobs, mitigating climate change and improving access to essential goods and services.