World Bank approves $485 million for Turkey industrial transformation

The World Bank has approved a $485 million project, titled ‘TransformIndustry’, to support the green and digital transformation of export-oriented manufacturing companies in Turkey. The initiative aims to help businesses, including small and medium-sized enterprises (SMEs), develop investment-ready transformation plans and access long-term financing.

The project will be implemented by the Ministry of Industry and Technology in partnership with Türk Eximbank and VakıfBank, with $242.5 million allocated to each bank as repayable funds. The support is structured in two complementary phases: first, providing technical assistance for digital roadmaps, certification, and investment planning; and second, providing long-term financing through participating financial institutions.

Key areas of focus include artificial intelligence, industrial automation, productivity improvements, low-carbon production, circular economy practices, and digital traceability. By 2032, the World Bank expects approximately 400 companies to have investment-ready plans and 280 companies to receive financing, with the goal of mobilizing an additional $180 million in private capital.