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World Bank in Talks to Help Finance $28 bln Turkish Energy Upgrade

Model of natural gas pipeline and Turkey flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights
Model of natural gas pipeline and Turkey flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights
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World Bank in Talks to Help Finance $28 bln Turkish Energy Upgrade

Model of natural gas pipeline and Turkey flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights
Model of natural gas pipeline and Turkey flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights

The World Bank is in talks with Türkiye to help finance an upgrade to the country's energy transmission system expected to cost about $28 billion, the World Bank country director for Türkiye told the state-run Anadolu Agency.

Humberto Lopez was quoted on Saturday as saying the World Bank was in talks with Turkish ministry of energy about the matter.

Reuters reported last month that the World Bank was talking to Ankara about increasing financing beyond the $35 billion it has already provided through 2028.

Türkiye and the World Bank also signed last month a $1.9 billion financing deal for four projects focusing on renewable energy, flood management, climate change adaptation and mitigation, and support for the export sector.

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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)

The proportion of local content in Saudi government projects has grown significantly, rising from 33% in 2020 to approximately 47% by the end of the third quarter of this year. This progress was announced by Minister of Industry and Mineral Resources Bandar Al-Khorayef during a ministerial session titled, Future Trends in Light of Vision 2030, at the second edition of the Local Content Forum 2024.

Tourism Minister Ahmed Al-Khateeb emphasized that tourism is a cornerstone of Vision 2030, stating: “We aim to localize investment spending with the support of national institutions.”

He also outlined plans to increase the tourism sector’s contribution to the national economy from 3% in 2019 to 10%.

Al-Khateeb underscored the collaborative efforts underway with the private sector to develop the tourism industry.

For his part, Investment Minister Khalid Al-Falih highlighted that local content policies have been integral to the state’s strategy since its founding. He stressed that enhancing the competitiveness of local companies plays a vital role in advancing localization efforts.

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail stated that increasing local content is part of a long-term plan, noting that 70% of home construction technologies are now manufactured locally.

In turn, Economy and Planning Minister Faisal Al-Ibrahim explained that boosting local content helps drive economic growth. He emphasized that import substitution presents a valuable opportunity to support domestic products and balance trade.