OPEC Fund provides a €50 million loan to accelerate Türkiye’s green transformation

February 10, 2025: The OPEC Fund for International Development (the OPEC Fund) has signed a €50 million loan agreement with the Industrial Development Bank of Türkiye (TSKB) to support investments in renewable energy, energy efficiency, climate adaptation, climate-related equipment production, and circular economy initiatives. The financing, provided through an on-lending arrangement with the Republic of Türkiye’s Ministry of Treasury and Finance, marks the first collaboration between the OPEC Fund and TSKB.

OPEC Fund President Abdulhamid Alkhalifa said: 

"This milestone partnership with TSKB underscores our commitment to advancing climate action and sustainable development in Türkiye. By channeling funding into renewable energy, energy efficiency, and climate-resilient industries, we aim to support Türkiye’s transition to a low-emission economy and its net zero target by 2053, while fostering inclusive and green economic growth."

TSKB CEO Murat Bilgiç said: 

"We are delighted to establish our first loan partnership with the OPEC Fund, which will help diversify our sustainable funding sources and support Türkiye’s green transformation. This secured loan aligns with national climate goals and the 2053 Long-Term Climate Strategy, contributing to sustainable development and climate adaptation efforts. We aim for this resource to finance low-emission and resilient economy projects, bringing significant benefits to our country."

The OPEC Fund has been a longstanding partner to Türkiye since 1976, supporting projects in key sectors including energy, infrastructure, agriculture and health.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of about US$225 billion. The OPEC Fund is rated AA+ (Stable Outlook) by Fitch and S&P. Our vision is a world where sustainable development is a reality for all.