Cop31: Turkey signs $5.1bn loan deals to boost green transition

Turkey signed 10 loan agreements worth $5.1bn with multilateral development banks on Thursday to accelerate its green transition.

Speaking at the signing ceremony on the sidelines of the UN climate conference Cop31 in Antalya, Treasury and Finance Minister Mehmet Simsek said no country could finance the green transition alone.

"No country's budget can meet the investment needs of this transformation on its own," he said. "That is why support from multilateral development banks is critically important to us."

The agreements were signed between the ministry and the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the World Bank and the Islamic Development Bank (IsDB).