Home / News / Turkey coordinates with World Bank, Germany, France for green, clean policies, fund

Turkey coordinates with World Bank, Germany, France for green, clean policies, fund

President Tayyip Erdogan said on Wednesday Turkey had signed a memorandum of understanding under which it will receive loans worth $3.2 billion to help it meet clean energy goals set out in the Paris climate accord.

Sources familiar with the plan said earlier this month that Turkey was to receive the loans under a planned deal funded by the World Bank, France and Germany. 

“We have put down the signatures in the past days for the memorandum of understanding to provide our country with $3.157 billion from the green climate fund, for which we have been holding negotiations for some time,” Erdogan told members of his ruling AK Party.

Erdogan’s announcement comes three weeks after Turkey became the last member of the G20 group of industrialised states to ratify the Paris climate agreement, and days ahead of a global climate summit in Glasgow.

Ankara had held up ratification for years, arguing that it was wrongly considered a developed economy under the terms of the accord, meaning it had less access to financial support to meet the Paris goals of switching to green energy.

Erdogan said funding available under the memorandum would support public and private sector climate projects. Up to $66.5 million would be provided in grants, he said.

Source: Reuters

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