Signature Ceremony Held for $865 Million Financing with the World Bank
Additional financing packages provided under the projects of the Development and Investment Bank of Turkey and the Industrial Development Bank of Turkey have been finalized.
A formal signing ceremony was held for additional financing packages totaling 865 million US dollars in cooperation with the World Bank, the Development and Investment Bank of Turkey, and the Industrial Development Bank of Turkey.
Signing Ceremony Held
An agreement was signed between the World Bank, the Development and Investment Bank of Turkey (TKYB), and the Industrial Development Bank of Turkey (TSKB). The signing ceremony took place within the scope of the Towards COP31: Climate Finance Policy Dialogue program.
Scope of the Financing
The signed agreements covered the approval of a total of 865 million US dollars in additional financing provided for the Accelerating Market Transition for Distributed Energy Project and the Turkey Industrial Emission Reduction Project.
Renewable Energy Investments
Last June, the World Bank approved a total of 400 million Euros in additional financing—split equally as 200 million Euros to TSKB and TKYB—for the second phase of the Accelerating Market Transition for Distributed Energy Project.
Expansion of Project Scope
The first phase of the project, launched in 2024, only covered unlicensed solar energy projects. In the second phase, unlicensed wind energy and energy storage investments were also included among the projects eligible for financing.
Private Sector Financing Target
With the financing to be provided in the second phase, it is aimed to commission 1,579 megawatts of renewable energy capacity and 392 megawatt-hours of battery storage investments. Through this step, it is targeted to mobilize up to 405 million US dollars in private sector financing.
Industry and Emission Project
The World Bank had provided 200 million US dollars in funding in 2024 as the first phase of the Turkey Industrial Emission Reduction Project carried out in cooperation with TKYB, and approved 400 million US dollars in additional financing in July.
Guarantee and Objective
The project aims to finance investments by industrial enterprises to increase energy and resource efficiency or reduce stack emissions. Both financing packages were provided with the repayment guarantee of the Ministry of Treasury and Finance.