World Bank provides financing for green transition

WASHINGTON

The World Bank has said it is providing $400 million in financing to help women and youth access jobs and economic opportunities being created by the green transition in Türkiye.

The Türkiye Socially Inclusive Green Transition Project will facilitate access to finance by women and youth led micro, small and medium enterprises (MSMEs) as well as their access to jobs being created by green sectors of the economy, the bank said in a statement.

The World Bank will also provide $416 million for the Türkiye Industrial Emissions Reduction Project to support selected industries in reducing greenhouse gas (GHG) emissions through the adoption of clean technologies and processes.

Through loans and grants, MSMEs will be able to adopt green technologies, reduce their carbon emissions and build resilience against flooding and other impacts of climate change, the statement noted, adding that seed financing for new businesses led by woman and youth will also be provided.

The project will also support investments in local infrastructure, at the district and municipal level, to foster climate change resilience and mitigation efforts. An estimated 175 infrastructure facilities are expected to be supported by the project.

Türkiye is taking a whole-of-economy approach to an ambitious green transition program, which will create new opportunities, said Humberto Lopez, World Bank Country Director for Türkiye.

“The World Bank welcomes Türkiye’s commitment and is delighted to support efforts to ensure the benefits of the green transition are equitable and inclusive, especially for women and youth,” Lopez added.