World Bank to invest $1.5 bln in Türkiye's electric infrastructure

World Bank Türkiye Director Humberto Lopez has announced plans for a $750 million project to upgrade the country's electricity transmission lines within the next six months, with an additional $750 million investment planned in the coming years.

"This brings our total commitment to $1.5 billion over two-three years," Lopez stated at a panel titled "Financing Türkiye's Green Development on the Road to Net-Zero 2053," organized by the German Embassy in Ankara and the Sustainable Economy and Finance Research Association (SEFiA).

However, Lopez emphasized the need for greater efforts in reducing carbon emissions in electricity generation.

Separately, Lopez highlighted a $5 billion financing agreement with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), a World Bank entity.

These funds aim to support Türkiye's industrial sector transformation.

"Last year, the World Bank approved $2 billion for industrial projects, and we signed a $1 billion agreement with Turk Eximbank to help companies meet regulations on reducing carbon emissions," he added.

'KfW green financing portfolio stands at 1.4 billion euros'

Kirk Mildner, director of German Development Bank (KfW) in Ankara, said that KfW's green financing portfolio in Türkiye stands at 1.4 billion euros.

He shared that KfW issued over 12 billion euros in green bonds in the country this year. Mildner also noted plans to expand green financing, including new financing packages under negotiation.

"Our focus remains on energy efficiency in industrial production and public sector initiatives," he said, citing efforts like solar roof systems and energy-efficient renovations in...