World Bank provides $1.9B financing for 4 projects in Türkiye
A person walking by the World Bank building. (AFP Photo)
The World Bank has agreed to finance four major projects in Türkiye, providing $1.9 billion in funding.
The agreements, signed with Türkiye’s Minister of Treasury and Finance Mehmet Simsek during his visit to the U.S., reflect the international institution’s confidence in Türkiye’s economic program.
Projects target key sectors in Türkiye
The four projects focus on energy efficiency, flood and drought risk management, green transition, and the reconstruction of industrial sites in earthquake-affected areas.
Various Turkish ministries will implement these initiatives, including the Ministry of Environment, Urbanization, and Climate Change, the Ministry of Agriculture and Forestry and the Ministry of Industry and Technology.
The projects aim to:
- Increase energy efficiency in public buildings.
- Strengthen resilience to natural disasters.
- Support vulnerable groups impacted by the green transition.
- Ensure the sustainability of micro, small, and medium-sized enterprises in earthquake-affected regions.
Türkiye’s development priorities in focus
Minister Simsek highlighted the importance of these projects, stating that they align with Türkiye’s development priorities. He also emphasized that the financing agreements are a testament to the World Bank’s trust in Türkiye’s economic policies.
The total financing package from the World Bank for Türkiye this year now stands at $3.9 billion.
Expanding Türkiye’s access to World Bank resources
Simsek noted that the World Bank had significantly increased its financial allocations for Türkiye, adding $18 billion to the ongoing $17 billion program over the next three years, bringing the total financing to $35 billion.
He expressed optimism that further projects with the World Bank would continue to support Türkiye’s economic growth and sustainability.
High-level meetings with global financial leaders
During his U.S. visit, Simsek also met with Antonella Bassani, Vice President of the World Bank, as well as key officials from the Asian Development Bank, including Masato Kanda, and finance ministers from Pakistan and Libya.
