500 million Euros to Turkey from the World Bank Financing

turkiyeye euros from the world bank financing
turkiyeye euros from the world bank financing

World Bank 500 million euros to support the sustainable development of cities in Turkey (US $ 560.6 million equivalent) has approved a financing in the amount.

The financing is provided in the form of additional financing of the Sustainable Cities Project-2, the second of the series of projects provided under the Sustainable Cities Project. Sustainable Cities Program, by providing access to finance for priority investments of municipalities and citizens interested in helping them to provide better service economic cities of Turkey, financial, aims to improve the environmental and social sustainability.

The First Sustainable Cities Project (including 132,7 Million EU IPA grant) of 23,125 million (1 Million Euro) has been approved in December 2016 and the Second Sustainable Cities Project (SŞP-91,54) amounting to US $ 2 million in April 2018. This additional funding was provided upon allocation of all of the loan amounts under SŞP-1 and SŞP-2 to sub-projects.

World Bank Turkey Country Director said Augusta on the occasion of the ratification of the Kouame credit: "Turkey's growing cities are faced with a growing climate and disaster risks and provide the necessary services for these risks and to improve the lives of Turkish citizens sustainability of a wide range of infrastructure facilities, and a durable manner needs to be established. We are pleased to World Bank Group is a long time in Turkey in the sector of urban development is to make joint efforts and Sustainable Cities through this additional financing for the project they increase the services they offer to the city of Turkey and continue to help them improve. "

The project to be implemented by İlbank will finance appropriate sub-projects in the areas of urban durability and sustainability. The project will have two components:

Component A: Municipal Investments (498,75 million Euros or 559,20 million US $ equivalent). This component will finance demand-driven municipal infrastructure investments in order to increase access to quality, sustainable and disaster-resistant services in the areas of public transport, water and wastewater, solid waste management, energy efficiency and renewable energy, urban environment, municipal fire services and social infrastructure and services. .

Component B: Project Management (1 million Euros or 1,12 million US $ equivalent - İlbank financed). This component will finance the procurement of goods and consultancy services for daily project management, monitoring and evaluation, reporting and project communication activities.

The project of the World Bank Group As for Turkey, covering the 2018-2021 period and public in the framework of coordination approach of private sector investment through interventions investment and technical assistance to improve the sustainability and durability of the city is also compatible with the Country Cooperation Framework includes the strategic objectives. The project supports the International Finance Corporation (IFC), the private sector arm of the World Bank and the World Bank, to maximize development financing (MFD). Specifically the project "Livable Places / Sustainable Environment" axis of the challenges posed by rapid urbanization, including and that the people and the acceptance of the need to be increased to the highest level of benefits it offers to Turkey's economy Government's Tenth Development Plan (2014-2018) is also compatible with.

The financing instrument provided for the project is an IBRD Flexible Loan with a non-repayable 30 year term, fixed margin, equal principal repayment and commitment-related repayment program.

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