Türkiye has signed an 859.7 million euro ($966 million) financing deal with the World Bank for green transformation, the Treasury and Finance Minister Mehmet Şimşek said Friday.
The financing is part of the World Bank’s pledge to provide $35 billion in funding to Türkiye over a three year period, Şimşek told Anadolu Agency (AA).
This financing can be used in new investments in the real sector, especially for 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 euros under the Renewable Energy Project in the Public and Municipalities to be implemented by the Environment, Urbanization and Climate Change Ministry and Türkiye’s İller Bankasi, the minister informed.
A financing of 395.75 million euros 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 euros,” Şimşek said.
The World Bank earlier this month announced it would double financial exposure to Türkiye to $35 billion citing that the package “responds to the strong commitment shown, and more importantly, the actions taken by the administration to restore macroeconomic stability.”
“The financing amount coming from the bank has now reached approximately $3.2 billion with the new agreements we signed,” said Şimşek.