Turkey says World Bank to give $700 mln-environmental loan

The loan agreement was signed on Thursday

Turkey says World Bank to give $700 mln-environmental loan

The World Bank decided to grant 700 million USD of Environmental Sustainability and Energy Sector Development Policy Loan (ESES-DPL 2) to Turkey, the Turkish Treasury Undersecretariat said on Thursday.

The World Bank's Board of Executive Directors approved on June 15 the Second Environmental Sustainability and Energy Sector Development Policy Loan (ESES-DPL 2) for Turkey in the amount of Euro 519.6 million (US$ 700 million equivalent).

The loan agreement was signed on Thursday, the statement said.

Turkey's energy and environment program, supported by the ESES DPL 2, aims to enhance energy security by promoting private sector clean technology investments and operations; to integrate principles of environmental sustainability, including climate change considerations in key sectoral policies and programs; and to improve the effectiveness
and efficiency of environmental management in the context of harmonization with the Environmental Acquis of the European Union.

The Program has three components: Pillar I supports the energy program, covering energy pricing, electricity markets, renewable energy, energy efficiency, electricity distribution and generation privatization, and gas supply security and wholesale gas market development. Pillar II supports Turkey's National Climate Change Strategy following the ratification of the Kyoto Protocol in February 2009. Pillar III supports sustainable environmental management and is focused on the transposition of the EU Environmental Acquis and sectors/sub-sectors where environmental degradation could hamper sustainable development.

The ESES DPL2 is the continuation of the Programmatic Electricity Development Policy Loan (PEDPL1) dating back to 2009 in the amount of Euro 548.4 million (US$800 million equivalent) which supported the Government's program for energy security, energy efficiency, and clean energy. The ESES DPL2 is an IBRD Flexible Loan in Euro with an interest rate equal to 6 months LIBOR term plus a variable spread, with a final maturity of 21.5 years, including a 14 year grace period.


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Güncelleme Tarihi: 01 Temmuz 2010, 14:01

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