The International Finance Corporation (IFC), a member of the World Bank Group, is lending $96 million (£58.9m) to a Turkish company to help promote energy efficiency in the country.

The long-term financing to Tapi Kredi will be used for projects that reduce greenhouse gas emissions as well as renewable energy projects.

According to the IFC, Turkey has a “climate-smart business investment potential” of more than $89 billion (£54.6bn).

Edward Strawderman, IFC Associate Director for Financial Institutions Group for Europe, Middle East and North Africa said: “IFC’s loan will boost lending to local companies at a time when businesses continue to face difficulties obtaining funding to improve energy efficiency and for renewable energy, key to sustainable development.”