World Bank spends USD300m on Turkey's green schemes| MENAFN.COM

Monday, 27 June 2022 11:09 GMT

World Bank spends USD300m on Turkey's green schemes

(MENAFN) IFC, a member of the World Bank Group, has invested USD50 million in the green and sustainable bond issue of the Industrial Development Bank of Turkey (TSKB).

In accordance, TSKB is the country's first privately-owned development and investment bank, plus the issue size of the bond is USD300 million, based on the latest reports.

Specifically, the proceeds will be basically used for private sector investments in renewable energy, energy efficiency, and other areas that reduce greenhouse gas emissions.

The World Bank Group has pledged to step up its investments in climate to 28pct of annual commitments and leverage an additional USD13bn of private sector co-financing by 2020.

Additionally, Turkey is the 3rd-largest nation exposure for IFC worldwide, and IFC has invested an overall USD4bn in private segment projects in the country thus far.

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