World Bank approves USD $50m loan for Turkey aimed at Clean Energy
Tuzla, Istanbul, Turkey (source: flickr/ A H T, creative commons)
Francisco Rojas
12 May 2014
The loan aims to assist the country in the increasing demand for electricity and expanding the role of clean energy in the national grid, helping to support the growing role of Geothermal energy.
The Executive Board of World Bank has agreed to loan Turkey from the International Bank for Reconstruction and Development (IBRD) and US$50 million from the Clean Technology Fund (CTF) for Turkey’s Renewable Energy Integration Project.
These funds aim to assist with the expansion of the national grid and bolster the expansion of clean energy in the country. As is it is known, the geothermal industry has a growing role in the electricity generation sector and these funds will surely aid in the expansion of this sector.
“Turkey has considerable renewable energy potential. However, substantial public and private investment is needed to fully exploit this resource,” said Martin Raiser, World Bank Country Director for Turkey. “As the World Bank, we have supported Turkey’s energy sector reforms for over a decade, with the objective of making Turkey’s energy sector cleaner, more secure, and less dependent on imports. This project is another important step in this direction.”
Source: World Bank Website
