Türkiye gets green transformation funding from World Bank

September 22, 2023 admin-dominor

Türkiye has signed a €859.7 million ($966 million) financing
deal with the World Bank for green transformation, the Treasury and
finance minister said, Azernews reports, citing
Anadolu Agency.

The financing is part of the World Bank’s pledge to provide $35
billion in funding to Türkiye over a three-year period, Mehmet
Simsek told Anadolu.

This financing can be used in new investments in the real
sector, especially in reconstruction in the wake of earthquakes
this February as well as green transformation, he noted.

In this context, the two sides signed agreements to provide
financing of €500 million under the Renewable Energy Project in the
Public and Municipalities to be implemented by the Environment,
Urbanization and Climate Change Ministry and Türkiye’s Iller
Bankasi.

Financing of €395.75 million was provided for the Türkiye Water
Circularity and Efficiency Improvement Project to help address the
challenges of climate change-induced water scarcity and reduce
wastewater pollution in water-stressed areas.

“We act as a bridge in meeting the financing needs of ministries
and local governments regarding renewable energy and water
efficiency. In this context, we signed a loan agreement with the
World Bank with a total amount of €895.7 million,” Simsek said.

Simsek also recently announced that the World Bank doubled
funding to $35 billion for the next three-year period.

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