The European Bank for Reconstruction and Development (EBRD) is investing $50 million in a Eurobond issued by "Çimko Cimento ve Beton Sanayi", a joint stock company incorporated in Türkiye.
Çimko will use the proceeds from its $300 million Eurobond issuance to finance its decarbonisation investment programme and support refinancing efforts. The issuance is expected to strengthen Çimko’s balance sheet and serve as a strong signal to other Turkish companies aiming to diversify their funding sources through capital markets.
Çimko manufactures and sells cement, clinker, aggregate, and ready-mixed concrete, operating production facilities in Kahramanmaraş, Adıyaman, and Bartın. The company is a subsidiary of Sanko Holding, a prominent Turkish industrial conglomerate with key operations in textiles, energy, cement, and packaging. Sanko Holding is also one of the largest employers in Türkiye’s earthquake-affected southeastern region, with a workforce exceeding 15,000.
The transaction is a key example of the EBRD’s continued commitment to a prior low-carbon pathways initiative, which seeks to decarbonise the country’s steel, aluminium, cement and fertiliser sectors.
Erdem Mehmet Yasar, EBRD Deputy Head of Türkiye, said: “This transaction stands out not only for its advancement of the cement sector’s transition to greener practices, but also for the company’s exemplary approach to securing sustainable funding through capital markets. It is a model of how industrial players can align environmental ambition with smart financial strategy.”
"Beyond reinforcing our financial structure, the proceeds of this transaction will enable further diversification of our funding sources. With these funds, we aim to accelerate our investments in renewable energy, energy efficiency and decarbonisation and make meaningful progress towards our sustainability goals. We believe this newly established relationship with the EBRD represents the foundation of a long-term strategic partnership, paving the way for many impactful, sustainability-focused projects in the years to come," - said Çimko Chief Executive Officer Önder Kılıç.
Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Tuesday that its Navy had struck U.S. military barracks, a satellite communications centre a...
The United States carried out a third consecutive night of airstrikes against Iran, targeting military capabilities around the Strait of Hormuz as Don...
A newly introduced refereeing protocol has intensified debate over fairness at the FIFA World Cup, with another controversial decision involving defen...
The European Bank for Reconstruction and Development (EBRD) has announced a loan of up to $25 million to support energy-efficiency upgrades at Tashkent Pipe Plant (TPP), one of Uzbekistan’s leading private steel producers.
Tajikistan has strengthened its position as one of Central Asia’s fastest-growing economies. According to the European Bank for Reconstruction and Development (EBRD), the trend is supported by investment activity, industrial expansion and large-scale infrastructure projects.
The European Bank for Reconstruction and Development (EBRD) has provided a €500 million loan (almost $590 million) to the national gas company Naftogaz (NAK) for emergency gas purchases for Ukraine.
The European Bank for Reconstruction and Development (EBRD) has announced a lending the equivalent of $7 million to Saloğlu, Azerbaijan’s leading furniture producer and retailer, in local currency to help boost its competitiveness.
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city of Shusha on 13-14 July, to discuss journalism’s role in peacebuilding, restoring public trust and tackling challenges.
Typhoon Bavi, the strongest storm to hit the eastern coast of mainland China this year, brought heavy rain, strong winds, flooding and landslides after making landfall in Zhejiang province on Sunday. More than 2.8 million people were evacuated to safety ahead of the storm.
President Ilham Aliyev is holding his annual question-and-answer session with international journalists at the 4th Shusha Global Media Forum in Azerbaijan.
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claims it has once again closed the Strait of Hormuz, a vital global shipping route.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 13th of July, covering the latest developments you need to know.
More than 260,000 people were evacuated to safety in China's northeastern Liaoning province after Typhoon Bavi brought severe flooding and widespread disruptions.
Two endangered loggerhead sea turtles have been released into the Mediterranean from Türkiye's Antalya province as part of a conservation project to track their migration and strengthen protection efforts.
Typhoon Bavi, the strongest storm to hit the eastern coast of mainland China this year, brought heavy rain, strong winds, flooding and landslides after making landfall in Zhejiang province on Sunday. More than 2.8 million people were evacuated to safety ahead of the storm.
China has maintained its highest-level rainstorm warning after Typhoon Bavi made landfall on the country's eastern coast, urging large-scale evacuations and emergency preparations across several provinces amid fears of severe flooding and landslides
As a wildfire swept through the mountains toward rural Andalusian villages near Los Gallardos in southern Spain, residents faced a life-or-death decision. They had to choose between sheltering from the smoke or risking evacuation through rapidly spreading flames.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment