Cop31: Turkey signs $5.1bn loan deals to boost green transition

Turkey signed 10 loan agreements worth $5.1bn with four multilateral development banks at the UN climate conference Cop31, aiming to accelerate its green transition. Treasury and Finance Minister Mehmet Simsek said the financing would help meet investment needs that public budgets cannot cover alone, while supporting jobs and economic growth.

The agreements involve the Asian Development Bank, the Asian Infrastructure Investment Bank, the World Bank and the Islamic Development Bank. They cover areas including climate action, resilient hospitals, healthcare, small businesses, cities, agriculture and industry; separately, Turkey announced a preliminary $15bn deal with China for 7,000 megawatts of solar and wind power, energy storage and electricity transmission infrastructure.