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IFC supports urban infrastructure in Izmir
Izmir, Turkey, May 13, 2013 —
IFC, a member of the World Bank Group, has coordinated a €111 million loan from the French Agency for Development, the European Bank for Reconstruction and Development, and Dutch banking group ING to finance a major sea transportation project in Izmir. It is the first large financing package in Turkey involving these three development finance institutions based on common terms and conditions.
The sea transport project is part of a €156 million package IFC coordinated for Izmir that includes a €45 million loan for traffic management and emergency response projects closed last December. To further support Izmir’s infrastructure needs, last month IFC committed to a €28 million loan to the city’s Water and Sewerage Administration to finance the expansion of the Çiğli Wastewater Treatment Plant, which serves more than 80 percent of Izmir’s population.
“By supporting further development of the city's infrastructure, these projects will promote local economic growth,” said Dimitris Tsitsiragos, IFC Vice President for Europe, Middle East and North Africa. “This investment is part of IFC’s strategy to step up its support to local governments in Turkey by providing access to long-term financing and helping implement urban infrastructure projects that improve the lives of Turkish citizens.”
Turkey’s main port on the Aegean coast, Izmir is a vibrant city with nearly four million inhabitants. The Metropolitan Municipality of Izmir, Turkey’s third largest municipality, is the government body responsible for providing infrastructure services to the area.
IFC has supported private sector development in Turkey for over 45 years. Today, Turkey represents the second-largest country commitment in IFC’s global portfolio. In 2013, IFC has already invested $500 million in Turkey, mainly in priority areas: supporting exporters, SMEs, renewable energy and energy efficiency, cleaner production and energy security, urban infrastructure, trade finance, and helping Turkish companies expand.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. IFC considers water as a priority sector for development and has global expertise in financing and advising water utilities on their investments. For more information, visit
www.ifc.org
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