World Bank provides $416 million loan to Turkey

The World Bank stated that the loan agreement was signed at the World Bank headquarters in Washington by TKYB General Manager and Board Member İbrahim Öztop, while the guarantee agreement was signed by Director General of Foreign Economic Relations at the Ministry of Treasury and Finance, Kerem Dönmez. The World Bank was represented by Humberto Lopez.

The loan, provided under the guarantee of the Ministry of Treasury and Finance, will offer long-term financing opportunities for manufacturers in Turkey within the scope of the TIER project.

The project will specifically target the manufacturing sector to enable the implementation of clean technologies and processes that will reduce harmful emissions that have negative impacts on the environment, climate, productivity, health, and resilience.

By facilitating access to the long-term financing needed for the green transformation of industry, the TIER project will enable beneficiary manufacturers to reduce particulate matter emissions by 40 percent and nitrogen oxide emissions by 30 percent. The project aims to reduce greenhouse gas emissions by 220 thousand tons per year.

In the statement, World Bank Country Director for Turkey Humberto Lopez commented on the project, saying, "Reducing emissions from the industrial sector is of great importance in increasing the global competitiveness of Turkey's industrial enterprises.

The World Bank is pleased to support Turkey's efforts to remove key obstacles to its ambitious climate and environmental policies and goals."

News Source: AA