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Türkiye gets green transformation funding from World Bank

22 September 2023 21:10 (UTC+04:00)
Türkiye gets green transformation funding from World Bank

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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