World Bank/IBRD agree Lake Tuz Gas Storage loan

The World Bank, via the IBRD, has approved a $1 billion loan package for Turkey. Up to $600 million will be allocated to the Lake Tuz Gas Storage Expansion project in Central Anatolia. The 22.5 year project loan brings the total amount of credit the World Bank has provided for the $2.7 billion Lake Tuz Underground Gas Storage Facility to $1.3 billion. The Asian Infrastructure Investment Bank is a co-financer of the project.

The remaining $400 million of the $1 billion loan package will be used in projects to raise women's participation rates in the labour force. At least 60% of the debt will be earmarked for small and medium-sized enterprises.