A total of US$600M is to be given to Turkey to boost privately owned and operated renewable energy projects within a market-based framework, and energy efficiency.

The bulk of the funding – US$500M – comes from the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group.

The other US$100M will be provided by the Clean Technology Fund (CTF), which was established to provide cheaper financing to develop low carbon systems.

In Turkey, the total funds will be given to two local development banks to provide credit line financing to the private sector.

Turkey is the first to receive an allocation of money from CTF. With a total resource base of US$5.2B, CTF is a joint effort of multilateral development banks and governments.