VakıfBank and Zero Waste Foundation Announced 10 Billion TL Financing Package for Circular Economy

Within the scope of the strategic cooperation signed by VakıfBank General Manager Osman Arslan and Zero Waste Foundation President Samed Ağırbaş, it is aimed to reach more than 500 institutions and projects in the first phase and create a financing volume of 10 billion TL with the package that will provide financing for investments in a wide range of areas, from resource efficiency to recycling, from reuse to the transformation of production processes.

Accessibility increased

Within the scope of the package, financing opportunities of up to 50 million TL and up to 60 months are provided for investment loans, up to 120 months for large-scale project financing, and up to 10 million TL and up to 24 months for working capital needs. In addition, with the KGF guarantee support of 3 billion TL, SMEs' access to finance, especially in circular transformation investments, is strengthened.

VakıfBank General Manager Osman Arslan stated that they consider the sustainable financing approach as an important part of their development-oriented value banking strategies and said:

"We see development as a long-term process that protects our country's resources and strengthens the future of production, as well as meeting today's financing needs. There is a significant economic value at every stage of the process, from raw materials to natural resources, from products to the labor spent for production. We attach importance to supporting investments that ensure more efficient use of resources, extending the economic life of products and preserving the value created in production within the system as much as possible. As VakıfBank, we assume a strong responsibility on the financing side of this transformation."

'This is the first step'

Stating that they aim to provide 10 billion TL financing by reaching more than 500 institutions and projects in the first phase, Osman Arslan said, "This package is not a one-time financing product for us. It is one of the first steps of new solutions that we will develop in the field of circular economy, green transformation and resource efficiency. We will combine international resources and our sustainable financing capacity with products that will accelerate the transformation."

'The role of finance is critical'

President of the Zero Waste Foundation and COP31 High Level Climate Champion Samed Ağırbaş, in his speech, drew attention to the role of finance in zero waste and circular economy transformation. Ağırbaş said, "The Zero Waste Movement, which started in 2017 under the leadership of Mrs. Emine Erdoğan, has turned into a global vision that goes beyond the borders of our country, with the strong support of our President. The basis of this vision is a very clear understanding: Not to manage waste after it is created, but to prevent waste at its source."

Will be brought to the COP31 agenda

Head of Climate Change at the Ministry of Environment, Urbanization and Climate Change, Prof. Dr. Halil Hasar stated that zero waste, which was initiated under the auspices of Emine Erdoğan and turned into a global brand, will be brought to the COP agenda for the first time with the 31st Conference of the Parties (COP31) of the United Nations Framework Convention on Climate Change. Reminding that COP31 is less than two months away, Hasar stated that they carried out intense diplomacy traffic with the party countries during the preparation process.

Stating that COP processes consist of two basic parts, "negotiation" and "action" agenda, Hasar stated that more than 60 decisions will be discussed at COP31.

Hasar noted that in the first week of COP31, the technical delegations of all countries will come together and conduct negotiations, and in the second week, a consensus will be sought on common ground with the intervention of the ministers of the countries.