The Asian Infrastructure Investment Bank (AIIB) has greenlighted $500 million of investment projects in Turkey, aimed at helping the country advance its urban and energy infrastructure development.
The investments include a $300 million sovereign-backed loan for the Istanbul Seismic Risk Mitigation and Emergency Preparedness Project, which seeks to improve disaster resilience against earthquakes in Istanbul and enhance the city’s emergency preparedness. AIIB also will provide a $200 million on-lending facility to advance the country’s renewable energy and energy efficiency infrastructure.
According to AIIB, energy demand in Turkey is expected to increase by 50 percent over the next 10 years. The country aims to increase renewable energy’s share of total power generation to 50 percent by 2023 and reduce primary energy consumption by 14 percent.
The first investment will be AIIB’s first urban project in Turkey and will be used to finance structural retrofi
