ISTANBUL (Reuters) – The China-backed Asian Infrastructure Investment Bank (AIIB) said on Wednesday it signed a $200 million on-lending facility with Industrial Development Bank of Turkey for Turkey to reach climate mitigation and adaptation goals under the Paris Agreement.
In a statement, the bank said the facility was backed by a guarantee from the Turkish government and signed after its recent commitment on the sidelines of the COP27 climate summit.
The facility will provide liquidity and long-term capital to private sector subborrowers, financing subprojects in renewable energy generation and energy efficiency improvements, it said.
In November, Turkey said it aims to bring its greenhouse gas emissions 41% below business-as-usual levels by 2030 and achieve net-zero emissions by 2053.
(Reporting by Ezgi Erkoyun; Editing by Daren Butler)
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