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Türkiye approaches finalization of USD2.5B foreign financing package
(MENAFN) Türkiye is nearing the finalization of a USD2.5 billion foreign financing package, according to Mehmet Simsek, the country’s Treasury and Finance Minister. Simsek highlighted that discussions with international financial institutions have progressed to concrete agreements, with development-focused projects benefiting from favorable financing terms, including long-term and below-market interest rates. This support is indicative of growing confidence in Türkiye's economic program.
Simsek noted that the Turkish Economy administration is working closely with relevant ministries and institutions to secure project financing. This year, Türkiye has secured approximately USD2.9 billion in long-term financing with below-market interest rates to support various projects, particularly addressing infrastructure needs arising from the devastating earthquakes that struck eleven provinces in February 2023.
The earthquakes, measuring magnitudes of 7.7 and 7.6, resulted in significant loss of life and extensive damage, amounting to billions of dollars. In response, Türkiye is prioritizing projects that align with sustainability goals, including those that foster green transformation, enhance energy efficiency, and support climate change mitigation. This includes financing for projects that rebuild infrastructure, improve flood and drought resilience, and increase job opportunities in green sectors for women and youth.
Looking ahead, Simsek indicated that Türkiye is set to sign four World Bank-approved projects totaling approximately USD1.9 billion. These projects are aimed at improving flood and drought management, boosting energy efficiency in public buildings, rebuilding small industrial sites in the earthquake-affected areas, and expanding job opportunities in green sectors.
Simsek noted that the Turkish Economy administration is working closely with relevant ministries and institutions to secure project financing. This year, Türkiye has secured approximately USD2.9 billion in long-term financing with below-market interest rates to support various projects, particularly addressing infrastructure needs arising from the devastating earthquakes that struck eleven provinces in February 2023.
The earthquakes, measuring magnitudes of 7.7 and 7.6, resulted in significant loss of life and extensive damage, amounting to billions of dollars. In response, Türkiye is prioritizing projects that align with sustainability goals, including those that foster green transformation, enhance energy efficiency, and support climate change mitigation. This includes financing for projects that rebuild infrastructure, improve flood and drought resilience, and increase job opportunities in green sectors for women and youth.
Looking ahead, Simsek indicated that Türkiye is set to sign four World Bank-approved projects totaling approximately USD1.9 billion. These projects are aimed at improving flood and drought management, boosting energy efficiency in public buildings, rebuilding small industrial sites in the earthquake-affected areas, and expanding job opportunities in green sectors.
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