Turkish bank to introduce new sustainable cities financing instrument by COP31

Türkiye's state-owned Development and Investment Bank (ILBANK) is developing a new financial instrument aimed at ensuring urban resilience, which is scheduled to be presented at COP31, ILBANK Group Director Şevket Altug Taşdemir said at a panel discussion as part of the 13th session of the World Urban Forum (WUF13) in Baku, Report informs.

"The Sustainable Urban Resilience Financing (SURF) instrument will integrate the planning, financing, and implementation of urban projects into a single system and will be presented at COP31, which will be held in Türkiye.

ILBANK is already in discussions with international development banks and non-bank lenders regarding partnerships under this initiative. The key objective of SURF is to help cities build capacity for project preparation and accelerate the process of attracting climate finance," Taşdemir noted.