Germany to provide EUR 220m for renewables, energy efficiency in Turkey

Germany will provide EUR 220 million (USD 231.88m) in financial support to Turkey as part of the International Climate Protection Initiative, the federal economy ministry said on Wednesday.

The funding will be extended in the form of loans and investment cost subsidies by German development bank KfW in cooperation with two development banks in Turkey. The funds will be used to promote the decarbonisation of the energy sector in the areas of renewable energy and energy efficiency. Investment cost subsidies will be granted for innovative projects. The federal government ensures a 100% guarantee for the loans to enable their implementation despite the challenging economic situation.

The announcement was made during the visit of German economy minister Robert Habeck to Ankara for the German-Turkish Energy Forum this week. The forum serves as a platform for energy policy exchange between the governments of the two countries and companies. The aim is to advance decarbonisation in both countries, promote the mutual exchange of experience and economic cooperation in the energy sector as well as develop joint projects.

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