IFC Provides $90 Million Green Loan To Assan Alüminyum Of Turkey
Summary
The funds will help Assan enhance production efficiency through modernization, reduce its carbon footprint by increasing its share of renewable sources in energy consumption and scrap usage in production, and expand its processing capacity by 60,000 tons annually.Assan has the largest continuous casting capacity globally and aims to achieve carbon neutrality by 2050. The framework establishes clear and quantifiable sustainability targets and facilitates Assans access to green financing instruments to support its growth. IFCs financing aligns with Assans green finance framework as a 100 per cent climate investment.IFCs green investment will allow T\xfcrkiyes largest manufacturer of aluminum flat-rolled products to significantly strengthen its position in global markets while reducing its carbon footprint, said Wiebke Schloemer, IFC Director for T\xfcrkiye 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.IFC has supported private sector development in T\xfcrkiye for more than 50 years, with investments of nearly $10 billion in the last decade alone. T\xfcrkiye represents IFCs third-largest country exposure globally, with a committed portfolio of close to $4.6 billion as of March 2023.