A London-based bank is providing a loan worth €50 million (£41.8m) to help businesses in Turkey become more energy efficient.

The cash from the European Bank for Reconstruction and Development (EBRD) will also help firms invest in mid-sized renewable energy and waste to energy projects.

Turkey currently relies heavily on coal and imported fossil fuels to support its energy needs.

Mike Davey, the EBRD Director for Turkey said: “The Turkish renewables market has the potential for significant expansion, as reflected in the Government’s 2023 sustainable energy targets. EBRD financing of renewables and energy efficiency not only helps to fight climate change but it also helps to bring private investment to the market.”

It is EBRD’s third financing package to IsBank for on-lending for low carbon projects, with a total of €140 million (£117m) provided to date.