Türkiye has obtained €200 million ($230 million) in financing from the European Investment Bank (EIB) to support clean energy initiatives and energy efficiency projects.

The financing arm of the European Union (EU) will provide €100 million each to the Development and Investment Bank of Türkiye (TKYB) and Turk Eximbank, which will advance the funds to local small and medium-sized enterprises (SMEs) and mid-caps, The Caspian Post reports, citing AGBI.

The financing will support projects that reduce greenhouse gas emissions, strengthen supply chains and energy security, and create new jobs in Türkiye, the EIB said in a statement.

In March 2023, the EIB temporarily lifted its nearly four-year financing ban on Türkiye by approving €500 million in financing to rebuild earthquake-hit regions, Reuters reported.

“We welcome the EIB’s return to Türkiye,” said Turkish treasury and finance minister Mehmet Simsek.

The EIB, owned by 27 EU member states, has invested nearly €31 billion primarily in the country’s SME, transport and energy sectors since 1965.