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We Secured 20-Year Financing from KfW Development Bank

We Secured 20-Year Financing from KfW Development Bank

November 13, 2019

Development and Investment Bank of Türkiye continues supporting sustainable development through a new loan agreement. The Bank signed a loan agreement with German Development Bank (KfW), made available through an on-lending arrangement from the Republic of Türkiye Ministry of Treasury and Finance, with a total maturity of 20 years including a three-year grace period.

The signing ceremony took place earlier in the week with the participation of KfW Management Committee member Stephan Opitz, TKYB CEO İbrahim Öztop and executives from both institutions.

We Secured 20-Year Financing from KfW Development Bank

The long-term loan provided by KfW on behalf of the German Government will be available to investors developing projects that contribute to the socioeconomic conditions of the population and the environment, comply with Turkish environmental legislation and have no adverse impact on biodiversity. The facility may finance up to 80% of the total investment cost.

TKYB CEO İbrahim Öztop noted that the Bank stood out in the international financial community for its reliability and expertise, stating that the financing secured from KfW reflected confidence both in the Bank and in Türkiye. Öztop said: “Through this financing, which is provided to the Republic of Türkiye Ministry of Treasury and Finance and will be made available to us through an on-lending arrangement, we will support investments that place sustainability at the forefront. Our 20-year, fixed-rate loan will enable investments that deliver sound, high-quality services in this field.”

KfW Management Committee member Stephan Opitz stated that support for Türkiye’s sustainable development would continue and said: “Through this loan, KfW, on behalf of the German Government, provides additional financing for infrastructure projects and investments aimed at further improving living conditions in Türkiye. We are very pleased to strengthen our existing cooperation with Development and Investment Bank of Türkiye in supporting environmental investments. In addition to this loan, KfW, on behalf of the German Government, is also supporting Development and Investment Bank of Türkiye in developing environmental and social management systems for sustainable lending operations.”