Granati BBVA International, a subsidiary of Garanti BBVA known for its sustainable financial initiatives, has granted a sustainable loan of $50 Million to Kordsa Teknik Tekstil, a textile giant.
As a textile company, this loan is an effort on the part of Kordsa to decrease its negative impact on the environment and to start paving the way for a more sustainable business model.
The terms of the loan are based on three key performance indicators: annual reduction in scope 1 and scope 2 greenhouse gas emissions, the proportion of suppliers with emission reduction objectives aligned with the Science Based Targets initiative, and the annual increase in health and safety training.
Garanti BBVA’s Executive Vice President, Mahmut Akten said, “Our emphasis lies in crafting more advantageous pricing mechanisms for our clientele within sustainable finance frameworks. Beyond risk mitigation, we support all entities seeking sustainable transformations, leveraging our advisory role and the opportunities we provide.”
Volkan Özkan, Chief Finance Officer at Kordsa said, “Our transformation embodies an ongoing expedition of exploration and innovation centered on technology and sustainability. We operate on the principle of sustainability at every stage of our business. We are confident that the loan agreement with Garanti BBVA International will further fortify our transformation narrative in this aspect.”
