The World Bank has approved $400 million in financing for the ‘Turkey Socially Inclusive Green Transformation Project’, aiming to support small businesses and industries owned by women and youth in Turkey to transition to green practices.
The Executive Directors Board of the World Bank has approved $400 million in financing for the ‘The Turkey Socially Inclusive Green Transformation Project’.
The project aims to broaden economic opportunities and facilitate job creation for women, youth, and other vulnerable groups in Turkey’s less developed regions.
Credit and grant support
The project will provide credit and grant support to more than 5,000 micro, small, and medium-sized enterprises (MSMEs) owned by women and youth, which face greater challenges in accessing finance due to stricter collateral requirements.
With this support, these enterprises are intended to adopt green technologies, reduce carbon emissions, and build resilience against floods and other impacts of climate change. Additionally, seed financing will be provided for new businesses owned by women and youth under the project.
Furthermore, the project will support an estimated 175 infrastructure facility investments at the district and municipal levels to encourage resilience-building and mitigation efforts against climate change.”