Turkey secures USD-500m World Bank funding for green energy, energy efficiency

Nov 23, 2011 - The World Bank yesterday okayed USD 500 million (EUR 373.8m) in additional debt financing to Turkey to support the development of private-sector renewable energy projects and for energy efficiency enhancement.

The financing will be provided to investment banks Turkiye Sinai Kalkinma Bankasi (IST:TSKB) and Turkiye Kalkinma Bankasi (IST:TKBNK) for on-lending under the government's Private Sector Renewable Energy and Energy Efficiency Project. The programme aims to boost privately owned and operated renewable energy production within the framework of the Turkish Electricity Market Law and to enhance energy efficiency.

In 2009, the project received an initial loan of USD 500 million from the World Bank and USD 100 million in financing from the Clean Energy Technology Fund.

(USD 1.0 = EUR 0.748)

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