GGF AND FMO PARTNER TO SUPPORT FIBABANKA’S EE LENDING BUSINESS
Luxembourg and Istanbul, 21 October 2014 - The Green for Growth Fund, Southeast Europe (GGF) entered into a new partnership with Istanbul-based Fibabanka A.S. (Fibabanka) in a club deal with the Dutch development bank FMO to provide a credit line of EUR 40 million. The credit line will be dedicated to Fibabanka’s new energy efficiency (EE) lending business.
This is the first loan to Fibabanka solely committed to EE lending and is aimed at enterprises in Turkey that are mainly active in tourism and manufacturing, including the textile industry. The new financing facility is estimated to reduce primary energy consumption by up to 84,000 MWh and reduce CO² emissions by up to 18,600 tons per year.
Fibabanka, which joined the Fiba Group in December 2010, offers a wide range of banking products and services to its 65,000 clients. Fiba Group is one of the largest conglomerates in Turkey with financial as well as non-financial operations.
“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 Green for Growth Fund, Southeast Europe.
“With this new loan, we will have the ability to support the energy efficiency projects of our customers, mainly in the tourism sector. We are delighted to cooperate with the GGF and FMO in achieving a strong, positive impact on the economy as well as on the environment,” said Bekir Dildar, General Manager of Fibabanka A.Ş.
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ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)
The Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia, and Turkey as well as in the nearby European Eastern Neighbourhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The GGF also invests directly in small to medium-scale renewable energy projects. To maximize the impact of the Fund’s investment activities, the GGF’s Technical Assistance Facility offers capacity building support to local financial institutions and partners. The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD). Its growing base of committed investors comprises donor agencies, international financial institutions and institutional private investors, such as the International Finance Corporation (IFC), the Netherlands Development Finance Company (FMO) and the Development Bank of Austria (OeEB). The GGF, registered under Luxembourg law as a SICAV (variable capital investment company), is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in concert with the fund advisor, Finance in Motion GmbH, Frankfurt/Main, Germany, and the technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.
* This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence.
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.6 billion, FMO is one of the largest European bilateral private sector development banks.
Fibabanka A.Ş., owned by Fiba Holding A.Ş., offers corporate, commercial, SME, retail and private banking services with its network of 66 branches and 1,214 employees and has reached a total asset size of TL 7,3 billion as of June 2014.
For more information, please visit www.fibabanka.com.tr
Media contact GGF
Phone: +49 (0)69/977 876 50-320
Media contact – Fibabanka
Ahu Heper Dolu
Financial Institutions Coordinator
Phone: +90 212 381 82 70
Media contact – FMO
Phone: + 31 (0) 70 314 99 28