Ankara: The European Investment Bank (EIB) has committed to a £200 million agreement aimed at advancing clean energy and energy efficiency projects in Trkiye. Robert de Groot, the vice president of the financial institution, stated that the EIB might also contribute to upgrading and expanding the railway infrastructure within the country.
According to Anadolu Agency, the EIB, recognized as the EU's lending arm and one of the largest multilateral development banks globally, has supported over a thousand projects across more than 160 countries since 1958. The bank initiated its operations in Trkiye in 1965 and has since provided £30.86 billion ($35.5 billion) in financing for 263 projects. These projects have spanned various sectors, such as transport, urban infrastructure, climate action, energy, agriculture, and private sector development.
Significant agreements between the EIB and Trkiye include a £400 million loan intended for the repair of water and wastewater infrastructure in areas impacted by the February 2023 earthquakes. Additionally, two separate financing agreements, each worth £200 million for green transition, were signed recently. One of these agreements will allocate £100 million for sustainable industrial investments via the Development and Investment Bank of Trkiye, while the other £100 million will support green finance projects through Turk Eximbank.
During his inaugural official visit to Trkiye, De Groot emphasized the importance of energy efficiency for companies, noting that it is a priority for businesses both in Trkiye and across Europe. He expressed admiration for the reconstruction efforts in Hatay, a province affected by the earthquakes, highlighting the high technical standards achieved in restoring infrastructure and drinking water services. De Groot noted the resilience of the local population in recovering from the disaster and expressed optimism for future cooperation between the EIB and Trkiye.
De Groot also mentioned that the EIB's new head of office in Istanbul will focus on identifying potential projects for financing. He acknowledged Trkiye's plans to expand and modernize its railway infrastructure, an area where the EIB has considerable expertise due to similar initiatives within the EU.
Beyond Trkiye, De Groot discussed the EIB's ongoing work within the EU, noting a call from EU leaders for increased investments in defense infrastructure. He explained that the EIB is investing in research, development, and manufacturing to bolster European defense capabilities, as well as supporting small and medium-sized enterprises in the supply chains of major defense companies.