OPEC Fund and TSKB sign €50M ($52.46M) loan deal to support climate and circular economy projects in Türkiye.TSKB will invest in renewable energy, energy efficiency, climate adaptation, and circular economy initiatives.This marks the first collaboration between OPEC Fund and TSKB, with financing arranged through Türkiye’s Treasury and Finance Ministry.
OPEC Fund President Abdulhamid Alkhalif said the loan supports Türkiye’s low-emission transition and 2053 net-zero target.TSKB CEO Murat Bilgiç stated it will diversify sustainable funding and boost Türkiye’s green transformation.
The OPEC Fund, founded in 1976 by OPEC members, aids development in non-member countries through voluntary contributions.
In 2024, the OPEC Fund committed a record $2.3B to 70 projects worldwide, tackling climate change, food security, energy transition, and sustainable development.
Funding distribution:MENA, Europe, Central Asia: 39%Sub-Saharan Africa: 34%Asia-Pacific: 13%Latin America & Caribbean: 11%Global projects: 3%Support included public and private loans, trade finance, and grants.In 2024, the OPEC Fund met its Climate Action Plan early, with renewables making up 40% of energy commitments.
Projects spanned Bhutan, Dominican Republic, Egypt, Mauritania, Tajikistan, Uganda, and Uzbekistan.Policy-based lending (19% of funds) supported programs in Armenia ($50M), Côte d’Ivoire ($60M), Jordan ($100M), Montenegro ($50M), Morocco ($100M), Sri Lanka ($50M), and Uzbekistan ($70M).
