World Bank to provide $1.9 bln in financing for projects in Türkiye

WASHINGTON

Türkiye has sealed agreements with the World Bank amounting to $1.9 billion in financing for four different projects to be implemented in the country.

The deals were inked on the first day of Finance Minister Mehmet Şimşek’s visit to the U.S., where he attends the G20 and World Bank meetings.

The loan agreements were signed for energy efficiency, flood and drought risk management, green transition projects as well as the reconstruction of industrial sites in the regions affected by the devastating earthquakes in 2023.

These projects will be implemented by the Environment, Urbanization and Climate Change Ministry, the Agriculture and Forestry Ministry and the Industry and Technology Ministry.

They aim to increase energy efficiency in public buildings, strengthen disaster resilience, support groups that may be negatively affected by the green transition, and ensure the sustainability of the activities of micro, small and medium-sized enterprises in the earthquake zone.

With the latest round of loans, total financing secured from the World Bank this year has reached $3.9 billion.

After the government’s medium-term program was unveiled last year, the World Bank increased the resources allocated to Türkiye, adding another $18 billion to the ongoing $17 billion program, which is expected to be provided within three years, bringing the total financing to $35 billion, Şimşek told state-run Anadolu Agency.

"The projects signed today strongly reaffirm the World Bank's confidence in the program we are implementing,” Şimşek said.