YAPI KREDI BANK: A loan to finance renewable energy projects in Turkey

Yapi Kredi is a universal bank and Turkey’s 4th largest private bank for the size of its balance sheet and portfolio, with 10% of market share. It provides banking and financial services to over 12 million clients in Turkey and abroad. It is also one of the country’s leading banks in the sector of financing renewable energy projects.

PROPARCO’s EUR 25m of financing will be earmarked for renewable energy and energy efficiency projects. The fight against climate change is a particularly important challenge for Turkey, a country whose greenhouse gas (GHG) emissions have doubled in twenty years while they have been falling in most OECD countries. 

This financing is fully in line with Turkey’s climate strategy, which aims to increase the share of renewable energies (excluding hydropower) in the country’s energy mix to 30%. Through this financing, PROPARCO will also be contributing to make up for the lack of long-term foreign-currency resources on the Turkish market, which are necessary in a context of the rapid development of renewable energy projects. Thanks to this credit line, the loans allocated by Yapi Kredi will contribute to reducing Turkey’s energy dependence.

Furthermore, Yapi Kredi is supporting employment and training for local communities. The bank currently employs over 18,000 people and intends to recruit some 2,000 additional people over the next 5 years. It has set up an academy and corporate university to train its employs in-house.