Türkiye-Europe and Central Asia Renewable Energy Scale-Up Program (ECARES) - Chair Summary - March 28, 2024

Jul 19, 2026

Executive Directors approved a US$2 billion equivalent financing envelope for the Europe and Central Asia Renewable Energy Scale-Up Program (ECARES) under the Multi-phase Programmatic Approach (MPA), including Phase 1, “Accelerating the Market Transition for Distributed Energy Project for Türkiye.” The approvals cover EUR 300 million each for loans to Türkiye’s Industrial Development Bank (TSKB) and Development and Investment Bank (TKYB), plus two Clean Technology Fund (CTF) loans totaling US$30 million. Directors emphasized adaptive, scalable design, risk mitigation, and robust results and monitoring, while encouraging private-sector engagement and cross-learning across the region.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages1

Reading Time3 min

Executive Directors’ Approvals

Financing envelope and Phase 1 scope

Program design, risks, and monitoring

Public Disclosure Authorized Public Disclosure Authorized Türkiye-Europe and Central Asia Renewable Energy Scale-Up Program (ECARES) Program using the Multiphase Programmatic Approach (MPA) Chair Summary* March 28, 2024 Executive Directors approved a financing envelope in the amount of US$2 billion equivalent for the Europe and Central Asia Renewable Energy Scale-Up Program (ECARES) using the Multi-phase Programmatic Approach (MPA) . They also approved Phase 1 of the MPA, Accelerating the Market Transition for Distributed Energy Project for Türkiye, comprising a loan to the Industrial Development Bank of Türkiye A.Ş . (Türkiye Sınai Kalkınma Bankası [TSKB]) in the amount of EUR 300 million, and a loan to the Development and Investment Bank of Türkiye A.Ş . (Türkiye Kalkınma ve Yatırım Bankası [TKYB]) in the amount of EUR 300 million. They also approved two Clean Technology Fund (CTF) loans of US$15 million each (US$30 million total) . These approvals are made on the terms and conditions set out in the President’s Memorandum. The Minutes will reflect that Ms. Chang and Mr. Marshavin wished to be recorded as objecting. Directors appreciated the adaptive structure of the program with a menu of options provided under the three pillars of the program. They welcomed the innovative, scalable and replicable nature ofthe Türkiye PforR included in Phase 1 of the ECARES MPA but expressed concern about the distribution of overall financing among countries covered by the MPA. Directors highlighted the risks associated with the implementation of this program and appreciated the mitigating measures put in place as well as the program’s adaptive, country-led approach to address implementation risks. They underscored the importance of strong results and monitoring framework and integration of lessons learned to maximize impact for scale. They encouraged cross-learning between the ECARES program and other efforts to create economic opportunities and improve resilience across the region, including by strengthening the capacity of relevant regional organizations. Directors encouraged seeking more opportunities for the private sector and supported continued engagement with IFC and MIGA to mobilize private investment to meet the considerable scale up challenge, in line with the Evolution Roadmap. *This Summary is not an approved record.

FAQs

What did the Executive Directors approve for ECARES?

They approved a US$2 billion equivalent financing envelope for ECARES using the MPA, including Phase 1 for Türkiye.

What does Phase 1 for Türkiye include?

Phase 1 includes loans to TSKB (EUR 300 million) and TKYB (EUR 300 million) for distributed energy market transition, plus two CTF loans of US$15 million each.

What concerns and implementation priorities were highlighted by Directors?

Directors welcomed the adaptive, scalable structure but expressed concern about how overall financing is distributed across MPA-covered countries, and they stressed strong results, monitoring, and risk-mitigating measures.

Jul 19, 2026

Upload by Lucas Martin