Kirklareli: The Asian Infrastructure Investment Bank (AIIB) is providing up to $75 million in financing to establish an advanced green manufacturing facility in northwestern Trkiye. The AIIB made another investment as part of ongoing efforts to develop Trkiye's advanced technology and green manufacturing capacity.
According to Anadolu Agency, the advanced plant to be built in the northwestern province of Kirklareli will be established by Chinese manufacturer Great Rich Technology, marking the firm's first production base outside China. The facility will be co-financed by the World Bank Group's International Finance Corporation, and it will produce energy-efficient window films, paint protection films, and specialized materials to absorb carbon dioxide and volatile organic compounds.
The investment aims to reduce industrial emissions, expand the availability of low-emission advanced materials in emerging markets, and help solidify Trkiye's position as a manufacturing hub bridging Europe, Asia, and other neighboring markets. Ajay Bushan Pandey, vice president of the AIIB, told Anadolu that the bank made its second-largest investment among all its members in Trkiye over the past decade.
Pandey stated that investments in Trkiye are carried out via public- and private-sector entities and local financial institutions, with the AIIB having a wide range of established partnerships with other development banks in the country. He noted that Trkiye remains committed to contributing to infrastructure development in the public and private sectors, as there is massive potential to implement more projects and secure additional financing.
Pandey stated that the AIIB's current portfolio is more concentrated in energy, transportation, waste management, urban development, and climate resilience, while the bank has also approved a geothermal project for Trkiye. He noted that energy security has become a key area in the current geopolitical situation, with renewable energy and electrification being integral parts of energy security policy, which Trkiye is currently focusing on.
Pandey stated that the bank aims to boost its portfolio in Trkiye, as there is no limitation or target when it comes to implementing projects in the country. He noted that seeking solutions to climate issues is key to developing infrastructure, highlighting the significant gap between required Asian infrastructure and available funds.
Pandey emphasized the role of multilateral development banks (MDBs) in addressing this gap, noting that MDBs can help through their balance sheets or mobilize private capital through financial instruments. MDBs can also assist in identifying, structuring, and making projects bankable, enabling financing from various sources.