The multilateral European Bank for Reconstruction and Development (EBRD) recently agreed to provide an unsecured loan approximately equivalent to USD 5.5 million to the Türkiye-based Internationale Nederlanden Groep (ING) Finansal Kiralama, which is controlled by the Netherlands-based ING Group. Also known as ING Leasing, the company plans to use the proceeds to finance its clients’ climate adaptation and mitigation efforts, “including among others, energy efficiency, renewable energy and climate resilience.”
Established in 2010 and headquartered in the city of Istanbul, ING Leasing offers insurance services as well as mainly financing manufacturing, construction, medical and computer equipment.
Founded in 1991, the ING Group offers a range of corporate and retail financial services. It has approximately 60,000 employees and 37 million clients in 40 countries. For 2022, the group reported total income of EUR 19 million (USD 20 million) on assets of EUR 968 billion (USD 1.1 trillion).
Founded in 1991, UK-based EBRD seeks to support a “transition to open, market economies, whilst fostering sustainable and inclusive growth” in 38 countries in Central Asia, Eastern Europe and North Africa. It does this by providing business advice, supporting trade finance, and investing debt and equity in funders of microenterprise and SMEs. EBRD is owned by 71 countries plus the EU and the European Investment Bank. As of September 2022, the institution holds total assets of EUR 75 billion (USD 80 billion), including loan receivables valued at EUR 29 billion (USD 31 billion).
By Renata Samadova, Research Associate
Sources and Additional Resources
EBRD project summary
https://www.ebrd.com/work-with-us/projects/psd/54221.html
ING Leasing homepage
https://ingleasing.com.tr
ING Group homepage
https://www.ing.com
ING Group 2022 annual report
https://www.ing.com/web/file?uuid=7b77643e-8ef1-49c0-b470-7af37fcf43c2&owner=b03bc017-e0db-4b5d-abbf-003b12934429&contentid=59254
EBRD homepage
https://www.ebrd.com
EBRD financials
https://www.ebrd.com/work-with-us/capital-markets/investor-information/interim-reports.html
Previous MicroCapital article on EBRD
https://www.microcapital.org/microcapital-brief-ebrd-purchases-5-equity-stake-in-procredit-from-ifc-increasing-exposure-to-smes-in-europe-ecuador/
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