Şimşek: Turkey Green Fund to be established

Minister of Treasury and Finance Mehmet Şimşek stated that they continue to develop new projects in close cooperation with the World Bank.

Pointing out that the World Bank has approved a 155 million dollar loan to be provided to the Industrial Development Bank of Turkey (TSKB) for the Green Finance Project within this scope, Şimşek noted that they will launch a new fund in the country as part of the project.

Stating that the project aims to provide a supply of green finance to businesses, encourage investment in green technologies, and diversify the financial sector, Şimşek said, "We are establishing a venture capital investment fund called the Turkey Green Fund. The fund will provide equity financing to green and innovative transformation companies."

Providing information that the fund will be subject to Capital Markets Board regulations, Şimşek expressed that the World Bank loan will also create a source for the fund. "With the leverage effect of the 155 million dollar loan provided by the World Bank, it is aimed that other investors will also provide resources to the fund and the size of the fund will be increased in the coming period," he said.

Minister Şimşek drew attention to the importance international organizations place on Turkey and noted the following:

"The financing opportunity provided to our country by the World Bank reached a record level of 3.3 billion dollars in 2023. This situation is the most concrete example of the World Bank's confidence in and support for our country's development agenda and economic program."

Şimşek added that the World Bank has increased the amount of resources allocated to Turkey by an additional 18 billion dollars to 35 billion dollars, and that this resource will be utilized over the next 3 years.

News Source: 12punto