The World Bank and the Clean Technology Fund will support Turkey's geothermal energy developments with $139.8 million, according to the announcement made from the public disclosure platform on Wednesday.
The Development Bank of Turkey signed the agreement with World Bank and the Clean Technology Fund.
According to the agreement, the Development Bank will loan $100 million to the Development Bank under the guarantee of the Undersecretariat for the Treasury to finance geothermal projects.
The Clean Technology Fund will give a grant of $39.8 million to support investment in geothermal energy and reduce the level of risk in the initial stages of a geothermal project such as exploration and drilling.
Additionally, the Turkish Industrial Development Bank also announced that it received a loan of $150 million from the World Bank to be used by private sector companies to finance their geothermal projects.
By Zeynep Beyza Kilic