Turkey - World Bank lends $203.03 mln to finance renewable energy project

Issuing a statement on Wednesday, the Turkish Treasury Undersecretariat said that the loan agreement was signed the same day by Turkish Treasury Undersecretary Ibrahim H. Canakci and World Bank officials. Meanwhile, project agreements were signed by intermediary banks Turkish Industrial Development Bank and Turkish Development Bank and World Bank officials. The agreement was expected to take effect in coming days, the statement said.

It said that a loan of 203.03 million U.S. dollars was obtained from the World Bank to finance the "Renewable Energy Project" which was developed for implementation and operation of renewable energy resources, adding that the loan would be given in a period of three years under the Country Assistance Strategy. The twelve-year loan's interest rate was set as floating rate (libor)+risk premium, the statement said and added that it was a four-year non-recourse loan.