Izmir Metropolitan Municipality IZSU General Directorate has signed a letter of authorization for a $50 million loan from IFC, a subsidiary of the World Bank, for the Sludge Digestion and Drying Plant to be built in Çiğli. Pursuant to the agreement with IFC, the loan will be utilized by fixing the dollar exchange rate on the date of allocation. The loan will be repaid in Turkish Lira within 12 years at the dollar exchange rate on the date of signing the agreement.

Izmir Metropolitan Municipality Mayor Tunç Soyer said, "With the agreement made with IFC, we are providing a very serious resource to our organization. By using this resource, we both get rid of sludge and eliminate the odor problem. We are also generating income."

Izmir Metropolitan Municipality IZSU General Directorate has taken another important step towards the goal of cleaning the gulf and eliminating the odor problem. The authorization letter for a $50 million loan agreement was signed with the International Finance Corporation (IFC), a World Bank institution. Thanks to this agreement, a new Sludge Digestion and Drying Plant will be built in Çiğli. With the construction of the plant, IZSU General Directorate will prevent pollution and odor problems caused by sewage sludge and will also create a source of income by selling the treated sludge to cement factories. The signing ceremony held at Izmir Sanat was attended by Izmir Metropolitan Municipality Mayor Tunç Soyer, Izmir Metropolitan Municipality Secretary General Barış Karcı, IZSU General Director Ali Hıdır Köseoğlu, IZSU Deputy General Director Övünç Özgen and IFC Senior Investment Manager for Infrastructure Ozan Beşer.
 
Eco-friendly solution
Noting that they have signed important collaborations for the city, Izmir Metropolitan Municipality Mayor Tunç Soyer said, "We will realize another important investment that the city needs with this financing, which will be realized in Turkish Lira against the dollar with a fixed interest rate and a 12-year maturity without a treasury guarantee. We owe a debt of gratitude to the IFC, which has provided a total of 240 million euros in financing to date, supporting our efforts to create a healthy and climate-resilient city. What we have done so far is not just about Izmir and Turkey. We have implemented projects that will set an example for the world and we have achieved tremendous results. I think this was a process on its own and the works that emerged were realized with great efforts." Pointing out that the efforts in this process created synergy, Soyer said, "Of course, this was not a coincidence. Both IFC officials and members of our municipality cooperated in a way that we appreciate. This is the last point. Here, we will have done a very useful work in one move. It is a very serious resource. By using it, we both get rid of sludge and eliminate the odor problem. In addition, by generating income, we are creating a sustainable environmentally friendly solution. From the very first day of our journey, it was a job that increased Izmir's recognition and brand value in the world and provided us with serious financing facilities that allowed us to breathe. In this context, I would like to thank you and the hard-working employees of our municipality for the trust you have shown in us both institutionally and personally."
 
He thanked Soyer
Ozan Beşer, Senior Investment Manager in charge of Infrastructure at IFC, said: "We have spent a very valuable five years together. I find our work very valuable. For the first time in Turkey, we made a Turkish Lira-based loan agreement with you. People who hear about this are contacting us to ask 'how we can make a deal'. I was proud and happy to work with you, and I thank you on behalf of myself and my organization. I will continue to do my best and work with all my strength for the development of Izmir. For me, this is an oath of loyalty."
 
Full faith in IZSU
IZSU General Manager Ali Hıdır Köseoğlu reminded that IZSU had signed the first Turkish Lira-based loan agreement with IFC in the Turkish municipal sector in the past and said, "Today, we are signing the authorization letter for the TRY-based loan agreement again as a very important element for the sustainability of our investment program. This agreement is the best indicator of the approval given by international organizations to the reliability of Izmir Metropolitan Municipality and IZSU. As part of this strategy, we are investing heavily in our wastewater treatment activities. We have accomplished important works during the revision of the Çiğli Biological Wastewater Treatment Plant. We are currently building the fourth phase of our treatment plant. When its construction is completed in the summer of 2024, this facility will continue to serve as Turkey's highest capacity wastewater treatment plant. Thanks to the infrastructure investments we have made, the odor problem in Izmir will be a thing of the past. By 2054, we will have enough capacity to treat all domestic wastewater. Thus, the odor problem in Izmir will be a thing of the past."