Turkey secures $330M financing to upgrade electricity grid

IFC, a member of the World Bank Group, European Bank for Reconstruction and Development (EBRD) and the Dutch Development Bank FMO have jointly granted $330 million financing to help upgrade and expand electricity distribution network in Turkey’s Western Anatolia, reports Compelo.

The funding will be used by Turkish electricity distribution company Osmangazi Elektrik Dagitim (OEDAS) to upgrade, modernize and expand the electricity distribution network in the Osmangazi region, which comprises five provinces including Afyonkarahisar, Bilecik, Eskisehir, Kutahya and Usak.

The aim of the project is to enhance environmental and safety standards and improve the efficiency and reliability of supply in the distribution network that serves around 2.7 million people in 194 towns and 1,596 villages.

Source: Compelo