Türkiye, World Bank ink $1.9B financing deal for 4 projects

Funds go to new projects on energy efficiency, flood and drought risk management, green transition, and reconstruction of quake-stricken zone

Türkiye and the World Bank signed a financing deal of $1.9 billion for four important projects on energy efficiency, flood and drought risk management, green transition, and reconstruction of industrial sites in the earthquake-stricken zone of southeastern Türkiye.

The projects, which will be carried out by their respective Turkish ministries, will aim to improve energy efficiency in public buildings and disaster resilience, give support to those negatively affected by green transition, and ensure sustainability for micro, small and medium-sized enterprises in the earthquake-stricken zone.

With the new four projects, Türkiye’s total financing received from the lender reached $3.9 billion so far.

Turkish Trade Minister Mehmet Simsek visited the US on Tuesday for the G20 and the World Bank meetings, where the bilateral meetings took place.

Simsek told Anadolu that the World Bank significantly increased the funding allocated to Türkiye immediately after the announcement of the Medium-Term Program (MTP) last year and added another $18 billion to the ongoing $17 billion program, which is expected to be provided in three years, and the total financing amount will reach $35 billion.

“These projects strongly reaffirm the World Bank’s confidence in our economic program, and the bank’s efforts to increase the total package continue as the lender considers our development priorities,” he said.

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