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.
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A major naval operation ended Monday in the Baltic Sea, involving 12 warships and 19 teams of divers and underwater drone operators from 13 NATO countries.
People in Damascus expressed relief and cautious optimism on Tuesday night after the European Union announced it would lift economic sanctions on Syria, following a similar decision by the United States last week.
Foreign ministers from member and observer states of the Organization of Turkic States (OTS) came together in Budapest for a pre-summit meeting held ahead of the organization’s informal summit.
The US State Department has given the green light for a potential $100 million sale of AW-119Kx helicopters and related equipment to Bosnia and Herzegovina, according to a statement from the Pentagon on Tuesday.
Israel is pulling back its senior negotiation team from the hostage release talks in Doha after a week of what it called “intensive” but fruitless discussions, Prime Minister Benjamin Netanyahu’s office announced.
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