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.
Türkiye’s first domestically produced electric SUV, the Togg T10X, is expected to hit the German market by the end of 2025, German daily Bild repor...
Syria is set to boost its daily electricity supply from around four hours to nearly ten, as natural gas from Azerbaijan begins flowing through a newly...
Three Indigenous First Nations in Saskatchewan are receiving a combined CAD$431 million (US$313 million) in compensation from the Canadian government,...
The United States has warned of reported attempts to bribe Haitian officials in a bid to destabilise the country, amid growing political turmoil and g...
A federal jury in Miami has found Tesla partially liable for a fatal crash involving its Autopilot system, ordering the company to pay $243 million in...
Türkiye’s first domestically produced electric SUV, the Togg T10X, is expected to hit the German market by the end of 2025, German daily Bild reported.
Syria is set to boost its daily electricity supply from around four hours to nearly ten, as natural gas from Azerbaijan begins flowing through a newly restored pipeline via Türkiye, according to a senior official from the Syrian Ministry of Energy.
Leaders of Türkiye, Italy and Libya met in Istanbul on Friday, pledging deeper cooperation on energy, migration and regional stability.
Türkiye and Gabon have signed eight significant agreements in Ankara on 31 July. During an official ceremony attended by President Recep Tayyip Erdoğan and Gabonese President Brice Clotaire Oligui Nguema, joint cooperation documents between the two countries were formalised.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
U.S. President Donald Trump has officially cancelled plans to develop new offshore wind projects in federal waters, reinforcing his administration’s pivot from renewable energy to fossil fuels.
European forests are absorbing significantly less carbon dioxide than a decade ago, putting the European Union’s ambitious climate goals in jeopardy, scientists from the EU’s Joint Research Centre (JRC) warned on Wednesday.
The United Nations' climate bureau have concerns that sky-high accommodation prices for this year's COP30 climate summit in Brazil could price poorer countries out of the negotiations, according to diplomats and a document seen by Reuters.
The Environmental Protection Agency has moved to erase the foundation of America’s climate regulations. On Tuesday, it unveiled a proposal to rescind the “endangerment finding,” the legal opinion that lets it curb greenhouse gas emissions.
They seem distant and frozen in time, but glaciers are melting fast, and the ripple effects are reaching every corner of the world. From rising seas to disrupted weather and water shortages, their disappearance is reshaping our shared future.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment