Türkiye signs $1.9B financing agreement with World Bank for key projects
Türkiye 's Treasury and Finance Minister Mehmet Şimşek signed a financing agreement with the World Bank for four significant projects during his first day of meetings in the U.S., securing approximately $1.9 billion. These initiatives focus on energy efficiency, disaster risk management, green transition, and the reconstruction of industrial sites in earthquake-affected areas.
- Türkiye
- Agencies and A News
- Published Date: 11:32 | 23 October 2024
- Modified Date: 01:21 | 23 October 2024
On the first day of Treasury and Finance Minister Mehmet Şimşek's meetings in the United States, a financing agreement was signed with the World Bank for four projects with favorable conditions.
Şimşek participated in a series of meetings and held bilateral talks during his visit for the G20 and World Bank meetings. A loan agreement was signed for four key projects related to energy efficiency, flood and drought risk management, green transition, and the reconstruction of industrial sites in earthquake-affected areas. These projects will be implemented by the Ministries of Environment, Urbanization, and Climate Change; Agriculture and Forestry; and Industry and Technology.
The projects aim to increase energy efficiency in public buildings, strengthen resilience to disasters, support groups adversely affected by the green transition, and ensure the sustainability of micro, small, and medium-sized enterprises in earthquake zones.
Total financing has reached $3.9 billion. With these projects, approximately $1.9 billion in financing has been provided to Türkiye by the World Bank, bringing the total financing from the World Bank this year to $3.9 billion.
In his remarks, Şimşek noted that following the announcement of the Medium-Term Program last year, the World Bank significantly increased the resources allocated to Türkiye , adding $18 billion to the ongoing $17 billion program, bringing the total financing to $35 billion.
He stated, "The projects signed today strongly reaffirm the World Bank's confidence in our economic program. The Bank continues its efforts to increase the total package, and the projects to be implemented with the World Bank take into account our country's development priorities."
On the first day of his U.S. visit, Şimşek also met with World Bank Vice President Antonella Bassani, as well as Masato Kanda, candidate for President of the Asian Development Bank, Pakistan's Finance Minister Muhammad Aurangzeb, and Naji Issa, President of the Central Bank of Libya.