World Bank agrees $560m loan for sustainable Turkish cities project
The World Bank has approved financing of €500 million ($560.6 million equivalent) to support sustainable development in Turkish cities.
The project will be implemented by Ilbank to finance eligible subprojects in areas of urban resilience and sustainability and will have two components.
Component A: Municipal Investments (€498.75 million or equivalent to $559.20 million). This component will be scaled up to finance demand-driven municipal infrastructure investments to improve access to quality, sustainable and resilient public transport, water and wastewater, solid waste management, energy efficiency and renewable energy, urban environments, municipal firefighting services, and social infrastructure and services.
Component B: Project Management (€1 million, Ilbank financed equivalent to $1.12 million). This component will finance goods, consulting services related to day-to-day project management, M&E, reporting, and project communications.
The loan comes in the form of an Additional Financing to the Sustainable Cities 2 Project, the second in a series of projects under the Program for Sustainable Cities.
