World Bank Provides $1.9 Billion Financing for Four Projects in Turkey
Minister of Treasury and Finance Mehmet Şimşek Boosts Financial Cooperation with World Bank
Minister of Treasury and Finance Mehmet Şimşek recently embarked on a series of meetings in the USA, where he attended the G20 and World Bank meetings. During his visit, Şimşek participated in various discussions and held bilateral meetings to strengthen financial cooperation between Turkey and the World Bank.
One of the key outcomes of Şimşek’s visit was the signing of a loan agreement with the World Bank for four significant projects focusing on energy efficiency, flood and drought risk management, green transition, and the reconstruction of industrial sites in earthquake-prone areas. These projects, to be implemented by various ministries, aim to enhance energy efficiency in public buildings, build resilience to disasters, support the transition to green technologies, and sustain the business activities of small and medium-sized enterprises in earthquake-affected regions.
The total financing for these projects reached $3.9 billion, with approximately $1.9 billion allocated to Turkey by the World Bank. Minister Şimşek highlighted the World Bank’s increased support for Turkey, including an additional $18 billion to the existing program, bringing the total financing to $35 billion. He emphasized the significance of these projects in aligning with Turkey’s development priorities and showcasing the World Bank’s confidence in the country’s economic program.
In addition to these developments, Minister Şimşek met with various officials during his visit, including World Bank Vice President Antonella Bassani, Asian Development Bank Presidential candidate Masato Kanda, Pakistani Finance Minister Muhammed Aurangzeb, and Libyan Central Bank President Naji Issa. These meetings further underscored Turkey’s commitment to enhancing financial cooperation with international institutions and fostering economic development.
Overall, Minister Mehmet Şimşek’s visit to the USA marked a significant step towards strengthening Turkey’s financial ties with the World Bank and advancing key projects to drive sustainable growth and resilience in the country.
