Minister Şimşek announced: We received 1.5 billion dollars of resources from the World Bank – Last Minute Economic News

Minister of Treasury and Finance Mehmet Şimşek made evaluations regarding Turkey’s foreign resource flow.

Stating that they continue to provide resources from external financing institutions to the institutions in the country within the scope of project finance, Şimşek reminded that a memorandum of understanding was signed for 500 million euros of support within the scope of the 1.5 billion euro financing package announced by the European Bank for Reconstruction and Development (EBRD) for the earthquake zone.

Şimşek, who informed that support was provided for 3 projects from the World Bank after EBRD, said, “Confidence in Turkey’s economic road map ensured that the flow of foreign resources continued at full speed this year. Within the scope of our productive cooperation with the World Bank, 3 separate project financings were provided.” “We have provided 1.5 billion dollars for the project. The resource in question will be used to ensure Turkey’s energy supply security and to support the green transformation process of businesses,” he said.

“BOARD OF EXECUTIVE DIRECTORS APPROVED”

Şimşek pointed out that 3 projects worth approximately 1.5 billion dollars, to be financed by the World Bank, were approved by the Board of Executive Directors of the Bank and gave information about the projects in question.

In this context, Şimşek stated that approximately 697 million dollars will be provided to TKYB and TSKB within the scope of the “Accelerating Market Transition for Distributed Energy Project in Turkey”, which will be carried out first by Turkey Development and Investment Bank AŞ (TKYB) and Turkey Industrial Development Bank AŞ (TSKB). “With the project, companies’ investments in electricity storage systems through solar panels and batteries will be supported. Thus, the economic size to be created is expected to exceed 1 billion dollars,” he said.

Şimşek pointed out that Turkey’s energy supply security will be supported by encouraging renewable energy investments and said, “Secondly, a loan of approximately 400 million dollars will be provided for the ‘Turkey Social Inclusive Green Transition Project’, which will be carried out by the Ministry of Industry and Technology through development agencies. With the project, green energy supply security will be supported.” “The aim is to support sectors that are expected to be negatively affected by the transition,” he said.

“416 MILLION DOLLAR LOAN WILL BE PROVIDED”

Minister Şimşek recently stated that a loan of approximately 416.7 million dollars, including 200 million euros and 200 million dollars, will be provided to TKYB for the “Turkey Industrial Emission Reduction Project” to be carried out by TKYB. Şimşek said:

“With the project, SMEs will be supported in their transition to greener production systems by providing financing with favorable conditions. We continue our strong cooperation with the World Bank with determination to realize the necessary energy transformation in line with our country’s 2053 net zero emission and green development targets, increase the use of renewable energy resources and ensure inclusive green transformation. “We will continue to direct our resources to more productive and efficient areas while maintaining the current balance.”

On the other hand, Şimşek stated that last year the amount of external resources provided to various sectors in Turkey from international organizations, government organizations, export credit agencies and commercial creditors reached 8.8 billion dollars.