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IFC Funds Turkey's Green Future with $90 Million | |
| Sumita Pawar |
The International Finance Corporation (IFC) has provided a $90 million green loan to Assan Alüminyum, a Turkish manufacturer of aluminium flat-rolled products, to support its multi-year investment programme.
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The funds will help Assan modernise its production process, reduce its carbon footprint, and expand its processing capacity by 60,000 tonnes annually.
The investment will also help Assan adapt its production process to changing market demand in Europe, its primary export market, and strengthen competitiveness through improved energy efficiency.
"We’re thrilled to announce that we’ve been granted our first green financing from IFC. Sustainability is at the heart of everything we do, and this demonstrates our dedication to building a better tomorrow for all," said Kibar Holding’s CEO Haluk Kayabaş.
The investment aligns with Assan's green finance framework, which establishes clear and quantifiable sustainability targets and facilitates its access to green financing instruments. Assan has the largest continuous casting capacity globally and aims to achieve carbon neutrality by 2050.
"IFC’s green investment will allow Turkey’s largest manufacturer of aluminium flat-rolled products to significantly strengthen its position in global markets while reducing its carbon footprint," said Wiebke Schloemer, IFC Director for Turkey and Central Asia. "That will help the country meet its ambitious climate goals and, we hope, incentivize other key players to improve their efficiency and capacity."
The investment will help Assan mitigate climate change and support Turkey's ambitious climate goals while strengthening its position in global markets.