•    Investment expected to cut CO2 emissions by 27,017 tons annually

•    Primary energy savings projected to amount to 108,880 MWh each year

Luxembourg, January 13, 2020 – The Green for Growth Fund (GGF) has invested USD 22 million in Garanti BBVA in Turkey to boost investments in energy efficiency (EE) and renewable energy (RE) projects by micro, small and medium enterprises (MSMEs). 

This senior loan is part of a syndicated facility of USD 132.75 million, led by the International Finance Corporation. The syndicated loan will have the GGF, and the Development Bank of Austria OeEB as parallel lenders and the European Fund for Southeast Europe as B lender.

Garanti BBVA is the second largest private banking group in Turkey and has been a partner of the GGF through its subsidiary Garanti Leasing since 2017. As a market leader in renewable energy finance, Garanti BBVA’s strong commitment to promoting sustainable lending and developing innovative green loan products makes the renewed partnership with GGF a fruitful joint effort in generating positive impact for the environment.

GGF Chairman Olaf Zymelka said: “We are proud to be partnering with Garanti BBVA, one of the largest banks in Turkey with a broad outreach to MSMEs. This investment reinforces the fund’s position as a committed EE/RE investor in the Turkish banking sector.”


The GGF helps reduce the use of energy and resources and prevent CO2 emissions. It pursues this goal by providing dedicated financing to businesses and households across 19 markets in the Southeast Europe Region including Turkey, the European Neighborhood Region-East, and the Middle East and North Africa.   By using a blended finance structure and working through local partner institutions, the GGF is able to raise awareness and implement green finance activities. The fund combines its financial offering with tailored technical assistance that helps build capacity and which brings energy efficiency measures, renewable energy, and improved resource management toward the mainstream. In addition, by managing the environmental and social (E&S) risks associated with its investments, the fund sets standards for its partners and supports them to enhance their own E&S management systems, as required. 

The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian Development Bank (OeEB). The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.

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Media contact GGF
Merle Römer
Manager Marketing & Communications
Phone: +49 (0)69 271 035-171