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Responsible banking Act. 20 Aug 2020

Garanti BBVA reaffirms its commitment to renewable energy, SMEs, and women entrepreneurs

Under the scope of agreements Garanti BBVA has signed with the International Finance Corporation (IFC), the Development Bank of Austria (OeEB), and Green for Growth Fund (GGF), the bank will allocate $133 million to support energy efficiency and renewable energy projects, small and medium-size businesses, and women entrepreneurs across 22 Turkish provinces.

Garanti BBVA, together with the International Finance Corporation (IFC), has announced a new financial aid program. Under the terms of the agreement, Garanti BBVA will provide significant financial support to women’s enterprises, specifically focusing on the SME segment. IFC, a member of the World Bank Group, has made a financial package of up to $90.75 million available to Garanti BBVA to be used to help small businesses located in 22 provinces in the south and southeast of Turkey where a majority of people with temporary protection status are currently living.

Garanti BBVA has also secured $22 million of financing from the OeEB in order to support women entrepreneurs in the same provinces.

A $20 million financing agreement tops off the new funding the bank will use to support its local communities: per the agreement with GGF, Garanti BBVA will finance energy efficiency and renewable energy projects in the region.

Emphasizing the bank’s initiatives related to economic growth and sustainable development, Garanti BBVA CEO Recep Baştuğ explained, “Garanti BBVA was one of the financial institutions to spearhead the Principles for Responsible Banking. The agreements we have signed with IFC, OeEB, and GGF provide further proof of our focus on sustainability. We will continue to support initiatives that are good for our communities: initiatives that contribute to sustainable finance, the fight against climate change, renewable energy, entrepreneurship, gender equality, and social good.”

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