Türkiye, World Bank sign financing agreement worth USD1.9B for 4 projects
Date
10/23/2024 8:47:22 AM
(MENAFN) Türkiye has entered into a significant financing agreement with the World Bank, securing USD1.9 billion for four critical projects aimed at enhancing energy efficiency, managing flood and drought risks, promoting a green transition, and reconstructing industrial sites in the earthquake-affected regions of southeastern Türkiye. This partnership underscores the commitment to bolster sustainability and resilience in the country, particularly in areas severely impacted by natural disasters.
The projects will be executed by various Turkish ministries and are designed to improve energy efficiency in public buildings while enhancing disaster resilience. Additionally, these initiatives will provide support to communities adversely affected by the green transition and ensure sustainability for micro, small, and medium-sized enterprises operating in the earthquake-stricken zones. The funding will play a pivotal role in addressing immediate challenges and laying the groundwork for long-term recovery and growth.
With this latest agreement, Türkiye's total financing from the World Bank has reached USD3.9 billion thus far. This ongoing collaboration highlights the importance of international partnerships in addressing the pressing challenges faced by the nation, particularly in the wake of natural disasters and the need for sustainable development practices.
Turkish Trade Minister Mehmet Simsek attended the G20 and World Bank meetings in the United States on Tuesday, where he engaged in bilateral discussions on various economic issues. During his visit, Simsek emphasized the World Bank's strong commitment to Türkiye, noting that the institution had significantly increased its funding immediately after the announcement of Türkiye's Medium-Term Program (MTP) last year.
He revealed that the World Bank had added an additional USD18 billion to the ongoing USD17 billion program, which is expected to be distributed over three years. This brings the total financing amount to an impressive USD35 billion, reinforcing the World Bank's confidence in Türkiye's economic program and its commitment to supporting the country’s development priorities.
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