Turkey to receive $3.157B from Green Climate Fund: Erdogan

ANKARA

Turkey is set to receive $3.157 billion from the Green Climate Fund, established to support climate actions in developing nations, under a recent agreement, the country's president said on Wednesday.

"We're determined to achieve success in every field with targeted 'carbon neutral' investments under the green development revolution. We will continue to implement projects that will develop every inch of our country's land and increase the welfare of each and every member of our nation, make investments, and build works of art," Recep Tayyip Erdogan told the parliamentary group of his Justice and Development (AK) Party.

"The memorandum of understanding, which was negotiated over a long period, regarding the provision of $3.157 billion from the Green Climate Fund to our country, has recently been signed," Erdogan said, sharing the "good news" with lawmakers.

With the agreement, long-term financial support will be provided to public and private-sector projects in Turkey that are related to climate change, he added.

Erdogan also noted that between $12.5 million and $66.5 million of these funds will be used as a grant.