In November 2009, OeEB and the KfW Development Bank of Germany provided Sekerbank (Turkey) with a joint credit line for on-lending to energy efficiency projects as well as accompanying technical assistance funds for capacity building in energy efficiency measures within the bank. An evaluation now confirms that the credit line has largely achieved its development purpose.
KfW and OeEB jointly commissioned a review by independent experts to assess the project's relevance, effectiveness, efficiency, impact and sustainability. The results show that the goal of the project – to support energy efficiency investments in households and micro, small and medium-sized enterprises (MSME) – has been achieved.
Sekerbank - an ideal partner
Sekerbank was an ideal partner for this project as it has a strong MSME customer base, the bank already had experience with energy efficiency loans and it is open to innovation. This made it possible to use OeEB's financing efficiently. Moreover, the high degree of commitment of the bank's management as well as extensive training measures for employees ensured the project's sustainability.
The importance of energy efficiency
Due to rising energy prices, new laws as well as a high potential for energy savings, there is a high demand for energy efficiency loans in Turkey. The credit line was fully disbursed with 996 loans summing up to EUR 10.8 million. These loans are being used to finance investments of Sekerbank's clients in insulation of buildings, purchase of more modern and thereby energy-efficient agricultural equipment, household appliances and solar water heaters. The goal of achieving average energy savings of at least 20% was exceeded. Primary Energy savings reached 50,324 MWh/year, CO2 emissions were reduced by 11,649 tons/year.
Report - Evaluation Sekerbank Turkey