The European Bank for Reconstruction and Development ( EBRD ) is providing a €50 million ( US$54.23 million ) loan to Türkiye’s TEB Arval, a full-service EV leasing company, to finance a new fleet of electric vehicles.

The proceeds will be used to finance the acquisition of 1,200 EV units – including battery electric vehicles and plug-in hybrid electric vehicles – to reduce the company’s carbon footprint and increase its sustainability.

Türkiye is experiencing rapid urbanization across the country, increasing the importance of sustainable transport amid efforts to mitigate climate change. Historically, the country’s transport sector has had a severe impact on the environment in terms of air quality and greenhouse gas emissions.

TEB Arval wants to be a pioneer in Türkiye‘s transition to low-carbon mobility, seeking to increase the share of EVs in its total fleet by 2027.

“By integrating electric vehicles into its fleet, the company is not only reducing its carbon footprint but also setting a precedent for the industry," says Mehmet Erdem Yasar, deputy head of Türkiye at EBRD. "This investment underscores our commitment to accelerating the transition to greener mobility solutions, fostering innovation and promoting environmental responsibility across the sector.”

TEB Arval general manager Kagan Yasa adds: "Our comprehensive range of electric vehicle leasing options – which we complement with consultancy, charging solutions, back-up vehicles and driver training – not only reduces carbon emissions but also strengthens our goal of offering more sustainable and innovative solutions to our customers.”