Murat Bilgiç: We have signed another highly meaningful cooperation agreement with our fourth loan deal focused on permanent green recovery

According to the TSKB statement, the agreement will provide financing for renewable energy, energy efficiency, water and waste management, and advanced technology-supported energy efficiency investments for companies affected by the earthquakes that occurred in the eastern and southeastern regions. Following JBIC, Sumitomo Mitsui Banking Corporation (SMBC) provided support as the loan representative as the largest participating bank for the loan, which was secured with the guarantee of the Ministry of Treasury and Finance.

TSKB, which signed its first loan agreement with JBIC in 2000 to strengthen companies directly and indirectly affected by the 1999 Marmara Earthquake, had signed a second loan agreement of $150 million in 2015 to contribute to renewable energy and energy efficiency investments aimed at reducing greenhouse gas emissions in Turkey. A loan agreement amounting to $220 million, which was a continuation of the second loan agreement, was made in 2022.

Within the scope of this new agreement signed by TSKB with JBIC, contributions will be made to the recovery, rehabilitation, and reconstruction efforts of companies affected by the earthquakes with principles of inclusivity and green transformation. TSKB, whose loan portfolio consists of approximately 90 percent of investments linked to the UN Sustainable Development Goals (SDGs), will directly contribute to four of the SDGs with this $200 million resource obtained from JBIC: SDG 8: "Decent Work and Economic Growth", SDG 9: "Industry, Innovation and Infrastructure", SDG 13: "Climate Action", SDG 17: "Partnerships for the Goals".

In the statement, TSKB General Manager Murat Bilgiç stated that they have signed another meaningful resource agreement for the recovery of companies affected by the earthquakes within the scope of their long-standing business partnership with JBIC.

Stating that they continue to take decisive steps to ensure a permanent recovery in the region and to realize new investments with principles of sustainability and inclusivity following the Kahramanmaraş-centered earthquake disasters in February 2023, Bilgiç noted the following:

"Investments in renewable energy, energy efficiency, water and waste management, and advanced technology-supported energy efficiency are of great importance for the rapid recovery of our earthquake-affected provinces and for increasing their development momentum. Considering the recovery strategy for the manufacturing industry included in the Turkey Earthquake Recovery and Reconstruction Assessment (TERRA) Report, we will contribute to these provinces regaining their competitive power and increasing employment through investments that increase efficiency. Furthermore, as we stated in our research report that we published and shared with our stakeholders after our field visit, while the share of the provinces in the earthquake zone in the country's gross domestic product reaches 13 percent, it is possible to say that their impact on the Turkish economy through the forward-backward linkages of sectors with varying weights is greater than the figures indicate.

Under the guarantee of our Ministry of Treasury and Finance, we have signed another highly meaningful cooperation with our fourth loan agreement focused on permanent green recovery with our valued business partner JBIC. In this context, we extend our deepest gratitude to the Ministry of Treasury and Finance for their valuable support. The resources we have provided from international development finance institutions after the devastating earthquakes we experienced refresh our hopes for a sustainable future while once again confirming the trust placed in our Bank and our country."

JBIC Director General Ryuta Suzuki stated that TSKB's leading role in efforts toward the resilient, inclusive, and sustainable reconstruction of the disaster-affected regions is extremely important, adding, "As a long-term partner of Turkey, we are deeply honored and pleased to be involved in this initiative together with TSKB. Turkey and Japan have a long history of supporting each other in difficult times. We see this loan agreement as a symbol of the unity of the two countries and the two institutions."