Turkiye and World Bank speak over $28bn energy transmission investment

The World Bank and Turkish authorities are discussing a $28 billion, multi-phase financing package, Anadolu News Agency reports.

According to the report, this package will upgrade Turkiye’s energy transmission infrastructure to ensure a significant transition to clean and more durable energy sources while supporting the country’s economic and environmental development.

The report says that the World Bank’s Country Director for Turkiye, Humberto Lopez, has emphasised the radical nature of the plan.

“This investment will help Turkiye shift to a sustainable, efficient and robust energy infrastructure in line with the international climate targets and increase energy security,” Lopez said.

The World Bank is already collaborating with the Energy and Natural Resources Ministry on a $750 million project, set to launch next year, aimed at advancing the energy transition, Lopez noted.

Turkiye has been planning to increase its renewable energy resources to reduce its reliance on fossil fuels and boost energy security in line with its international commitments under the Paris Agreement since 2015.

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