Turkish lessor QNB Finans Leasing has received a €25m (£22m) wholesale loan from London’s European Bank of Reconstruction and Development (EBRD).

The loan is directed at SMEs looking to expand their resource efficiency and renewable energy capabilities.

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It was extended under the third phase of the Turkey Sustainable Energy Financing Facility, a €1bn wholesale lending programme aimed at leasing companies and commercial lenders, through which the EBRD says some 1,000 projects have been financed. The first lessor to join the programme was Aklease in December.

EBRD first vice president Jürgen Rigterink said: “Leasing is a particularly efficient means by which to address the financial needs of local enterprises and is an excellent way to finance capital investments such as high tech equipment offering an attractive alternative to outright purchase.”

Metin Karabiber, general manager at QNB Finans Leasing, said: “It is the first time that we are working with the EBRD. This significant partnership will enable us to finance renewable energy investments of our SME clients. The financing will help expand resource efficiency in Turkey, while our customers will benefit from long-term funding and reduced costs.”

The leasing market in Turkey has been expanding over recent years, with the national leasing association joining Leaseurope in 2015, but penetration rates remain low, according to the EBRD.

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Profits for financial services companies in the country have also suffered from a devaluation in the Lira due to political uncertainty following the attempted 2016 coup. LeasePlan reported a €19.8m hit to profits from Lira depreciation in Q1 2018.