Green investments and energy efficiency projects in Turkey are getting a major boost as Europe’s development bank announced it was launching a large fund to provide the necessary funding.

The European Bank for Reconstruction and Development (EBRD) fund amounts to around 500 million euros (over $582.2 million) combined with Clean Technology Fund (CTF) co-financing of some 20 million euros, only with respect to the Corporate Climate Governance Program.

The financing will be provided in the form of loans or capital market instruments to partner financial institutions for financing corporate, public and residential sectors under the bank’s Green Economy Transition (GET) approach in Turkey, the lender said.

The project aims to support green economy investments including energy efficiency, renewable energy and climate resilience measures among others.

Funds may also be lent to vendors and producers of eligible material and equipment covered by the Green Technology Selector platform for Turkey.

The loans will be supported by technical cooperation and by incentive payments, as envisaged by the Green Economy Financing Facility (GEFF) framework.

Concessional financing will also be available to support the Turkish corporate and financial sectors to integrate climate change into their corporate governance approach.

The EBRD is one of the biggest investors in Turkey.

Turkey overtook Egypt to reclaim the top spot as the single biggest recipient country of investments by the lender in 2020.

It received 1.7 billion euros in investments last year alone through 33 projects. EBRD has invested around 13 billion euros in the country since 2009.