Garanti Bank signed an agreement with the European Bank for Reconstruction and Development (EBRD) for 5-year term funding in the amount of Euro 75 million equivalent under the Covered Bond Programme. Thanks to this financing, the first transaction settled with EBRD in TL and covered bond format, Garanti aims to boost the expansion of Green Mortgage loans and to protect the future generations with environmentally-friendly buildings.
On the agreement signed with EBRD, Gökhan Erün the Deputy CEO of Garanti Bank stated, “As Garanti Bank, we attach great importance to Green Mortgage loans for the financing of environmentally-friendly projects covering highly-energy efficient buildings. Last month, we signed the first ever residential mortgage covered bond agreement with IFC in Turkey to support Green Mortgages. Now, we signed the agreement that will provide funding in TL equivalent of Euro 75 million from EBRD. With the new financing, we will contribute in increasing the number of environmentally-friendly buildings for development of sustainable cities. This Covered Bond issuance that we executed with EBRD also strengthened the trust and stability established by Garanti and Turkey among the international financial circles.”