World Bank steps up climate action in Türkiye
WASHINGTON
The World Bank has approved a Guarantee in the amount of 360 million euros ($389.5 million equivalent) for the "Financing Adaptation for Growth Project" in Türkiye.
This project aims at enhancing firm resilience and adaptation to the impacts of changes in climate and underscores the World Bank's commitment to supporting sustainable development and climate resilience in Türkiye, the international lender said in a statement.
The project will strengthen firms’ capacity to cope with the increasing frequency and severity of climate-related disasters, both through financing and the development of an innovative Adaptation Toolkit that will allow firms to assess their vulnerability to changes in climate as well as to identify adaptation needs, it added.
Aligned with the World Bank Group’s Maximizing Finance for Development approach, the project will facilitate the mobilization of private sector investment to support firm-level resilience.
"By strengthening the resilience of businesses, we are both safeguarding livelihoods and ensuring sustainable economic growth; and we are both preserving existing jobs and creating new ones," World Bank Country Director for Türkiye Humberto Lopez said.
The Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB) will lead the implementation of the project.
TSKB will mobilize up to 600 million euros in long-term commercial financing with the support of the IBRD guarantee, utilizing these third-party funds to establish a financing line for eligible sub-loans.
