Turkey borrows for energy

The World Bank has approved a $200 million loan to the Turkish Industry and Development Bank (TSKB) and a $300 million loan to the Turkish Development Bank to go toward energy investments and renewable energy.

In a statement to the Istanbul Stock Exchange yesterday, the Turkish Development Bank announced plans to finance investments which reduced energy sector imports, which are worth approximately $1 billion.

Turkey is struggling to increase its energy production, the main reason for an above-standards current account gap at nearly 10 percent of the gross domestic product