The Islamic Development Bank last week signed the first Restricted Mudaraba Investment Facility for US$ 100 million with the Industrial Development Bank of Turkey (TSKB) for the development of renewable energy (RE) and energy efficiency (EE) projects by the private sector enterprises in Turkey. It is expected that the facility will enable the construction of 600 MW of RE installations in Turkey. The Government of Turkey will provide a Sovereign Guarantee for the IDB Investment to facilitate
the timely accomplishment of its goal to achieve energy security and thus help control the country's green house gas emissions. The US$ 100 million investment facility represents the first tranche of the US$ 600-700 million that has been earmarked for the development of RE and EE projects in the IDB’s Member country Partnership Strategy (MCPS) for Turkey.

Mr. Orhan Beskok, Senior Executive Vice President, who signed the agreement on behalf of TSKB, thanked the IDB for formulating an innovative approach to support the development of the private sector RE and EE projects through this facility and expressed hope that TSKB would be an ideal partner for IDB to build a long term relationship to support clean energy projects in Turkey. Mr.Evren Dilekli, Acting Director General for Foreign Economic Relations in the Undersecretary of Treasury (IDB
Governor`s Office), who was present on the occasion was updated on the findings of the IDB MCPS Mid-Term Review undertaken in close coordination with the Government of Turkey.

IDB Mission leader Mr. Mohammad J. Alsaati, Dr. Mansur Noibi, Director, Legal Department, and Dr Walid Abdelwahab, Director, Infrasructure Dept, emphasized IDB’s continued commitment to support the development of green infrastructure in its member countries.