Garanti BBVA grants its first circular economy loan

Garanti BBVA and EBRD are both participating in an €18 million loan to Altek Metal in equal shares. The company is one of Turkey's leading aluminum suppliers and belongs to one of the most energy-intensive sectors, according to the EU Green Deal. The company will use the loan to innovate its production processes and support the circular economy and decarbonization.

Garanti BBVA is committed to fostering pioneering practices to combat climate change and further the goal of creating a more sustainable world. The bank’s first circular economy loan is a product of its leadership in sustainable finance. “We are happy to have this first with the EBRD as we are aware that any funding for the circular economy will accelerate the transition to a low-carbon economy,” said Garanti BBVA Deputy General Manager Ebru Dildar Edin, “We will continue helping our customers implement successful practices in combating climate change and reducing carbon emissions.”

Altek aims to import fewer raw materials and increase the use of recycled aluminum made from scraps, minimizing the consumption of raw materials and reducing waste. Aluminum is a material that can be recycled indefinitely, without diminishing its quality in the process. The loan will support the company’s investment in its innovative production process to make this possible.

The circular economy provides businesses new opportunities to reuse materials and resources for maximum benefit, while at the same time playing a critical role in Turkey's sustainable development. Such new investments, which will be made by following the principles of the circular economy, also allow for the reduction of greenhouse gas emissions on a global scale.