World Bank to invest €500mn into sustainable cities in Turkey

The Washington D.C.-based has announced it will be providing €500mn (US$560.6mn) in funding for sustainable development in Turkey.

The bank’s Board of Executive Directors approved the financing in the form of an Additional Financing (AF) to the Sustainable Cities 2 Project.

The World Bank aims to improve the economic, financial, environmental, and social sustainability in Turkish cities.

The funding will enable interested municipalities to fund priority investments to improve services for citizens.

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“Turkey’s growing cities are faced with increasing climate and disaster risks requiring a broad range of sustainable and resilient infrastructure to provide services and improve the lives of Turkey’s citizens,” noted Auguste Kouame, Country Director for Turkey at the World Bank.

“The World Bank Group has a long-standing engagement in Turkey’s urban sector and we are happy to continue helping Turkey’s cities to expand and improve their service delivery through this additional financing to the second Sustainable Cities Project.”

The majority of the financing with target municipal infrastructure investments such as public transport, water, waste management, energy efficiency and renewable energy, urban environments, firefighting services, and social infrastructure.

€1mn will, however, by invested in goods and consulting services for project management, M&E, reporting, and project communications.