January 27 (SeeNews) - The World Bank said it will provide $300 million (248.4 million euro) funding to help organized industrial zones (OIZs) in Turkey become more efficient, environmentally sustainable and competitive.
The World Bank-funded project for Turkey, to be implemented by the country's industry and technology ministry, will benefit investments in basic infrastructure such as new roads, water and gas pipelines, power lines, and logistics facilities, the World Bank said in a statement earlier this week.
The project will also back 'green' infrastructure such as improved energy and water efficiency facilities, advanced wastewater treatment plants, energy-efficient buildings, LED street lighting and renewable energy assets.
A smaller part of the loan will also be dedicated to enhancing the competitiveness of OIZs through investment in innovation and training centers linking them with science and research organisations, and academia, the World Bank said.
The fixed-spread loan has a final maturity of 10.5 years, including a grace period of 5 years.
The ongoing COVID-19 pandemic has further highlighted the need for this project, which is crucial for laying the foundations for a sustained and ‘green’ recovery, Auguste Kouame, the country director for Turkey at the World Bank, said. "In addition, innovation centers will enable OIZ firms to maintain or deepen their participation in global value chains post-COVID by increasing the competitiveness of OIZs around the country."
The 346 OIZs in Turkey provide more than one-third of its exports and employ 2.1 million workers - about a third of the total industrial employment in the country, the World Bank noted.
($ = 0.828178 euro)