GGF and FMO to boost Fibabanka EE lending

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The Green Growth Fund For South Eastern  Europe (GGF) and Istanbul-based Fibabanka A.S. have now signed a partnership with Dutch development bank FMO in order to provide a credit line of €40m to boost Fibabanka’s lending business.

The first loan to Fibabanka is commited to energy efficient lending to Turkish enterprises in tourism and manufacturing. The new financing facility aims to reduce primary energy consumption by up to 84,000 MWh and reduce CO² emissions by up to 18,600 tons per year.

“Due to its growing economy, Turkey is one of the countries in which promotion of EE measures is having substantial impact. We are therefore very pleased to strengthen our network of partner institutions in Turkey with Fibabanka,” said Christopher Knowles, chairman of the GGF Southeast Europe.

The GGF is dedicated to enhancing energy efficieny and fostering the use of renewable energy in South Eastern Europe, it was initiated as a public-private partnership between the German KfW Development bank and the European Investment Bank.

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