3/23/2017
IFC Organizes a Funding Workshop for Municipalities
Hakkı Karataş, the Treasury Undersecretariat Acting Deputy General Director of Public Funding: "The Undersecretariat of Treasury may offer external funding to municipalities by offering loans for the external debt and credit mechanisms with Treasury repayment guarantee."
Aisha Williams, the Director of IFC Turkey: "Turkish cities are among the world's fastest growing and developing cities. We believe that public and private sectors must cooperate to fulfill the needs of these cities."
International Finance Corporation (IFC), a division of the World Bank Group, organized a workshop for the municipalities in Turkey with the attendance of Turkish Undersecretariat of Treasury and the Association of Municipalities of Turkey. Project funding and risk management were discussed in the Workshop which was attended by officials from Undersecretariat of Treasury, municipalities and international organizations. Hakkı Karataş, the Treasury Undersecretariat Acting Deputy General Director of Public Funding Hakkı Karataş, the Treasury Undersecretariat Acting Deputy General Director of Public Funding stated that the Undersecretariat of Treasury may offer external funding to municipalities by offering loans for the external debt and credit mechanisms with Treasury repayment guarantee. Karataş said: "Extending these funding facilities, and internal and eternal borrowing of municipalities can be explicit and implicit contingent liabilities for the Treasury. Therefore, credit worthiness of our municipalities is essential and closely monitored by our Undersecretariat. In addition to the present funding opportunities provided to municipalities, the regulations regarding the issue of bonds by municipalities in domestic markets and the permits to be given by the Undersecretretariat of Treasury have been completed. This regulation has expanded the funding facilities of municipalities. Municipalities have been granted $600 million funding in IFC in the last 3 years According to the statement made by IFC, the Organization has supported a lot of projects ranging from energy generation from waste, water treatment and transportation in İzmir, İstanbul, and Antalya. Having served as consultant for 5 projects in the last 3 years, IFC has invested $250 million and provided $350 million syndication for such projects. Turkey ranks second among the countries which were made the highest amount of investments by IFC with about $5 billion. IFC invested $18 billion in short- and long-term investments in the financial year 2016. Aisha Williams, the Director of IFC Turkey: "Turkish cities are among the world's fastest growing and developing cities. In her speech at the Workshop, Aisha Williams, the Director of IFC Turkey said: "IFC has invested for more than 50 years in Turkey. Turkish cities are among the world's fastest growing and developing cities. We believe that public and private sectors must cooperate to fulfill the needs of these cities. For this reason, we cooperate with municipalities, and we have executed many projects in Turkey. In this workshop, we aimed to express more clearly the advantages brought by cooperating with financial institutions and communicate the global experiences of IFC on how to manage borrowing risks under the increasingly-challenging economic conditions."
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