Türkiye Lands USD5.1B in Landmark COP31 Financing Deals
(MENAFN) Türkiye signed 10 financing agreements worth a combined $5.1 billion with four multilateral development banks during the COP31 climate summit in Antalya, Finance Minister Mehmet Simsek announced Thursday, marking a major expansion of international funding for the country's development and climate priorities.
The agreements involve the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), World Bank and Islamic Development Bank.
At a joint signing ceremony, Simsek said the funding would accelerate efforts to establish a greener, more resilient economy by financing initiatives focused on job creation, industrial modernization, and the green and digital transformations.
Türkiye has obtained approximately $50 billion in external financing from development partners since 2023, he added.
These resources have helped finance reconstruction following devastating earthquakes, railway development, decarbonization initiatives, renewable energy projects, resilient hospitals, exporters and small businesses.
Simsek stressed that attracting long-term investment requires sound economic policies and structural reforms, warning that national budgets alone cannot meet the substantial financial requirements of the transition.
ADB President Masato Kanda announced a €620 million ($687 million) agreement to construct hospitals capable of withstanding disasters, improve healthcare services and provide training for doctors.
A further $500 million will be allocated through VakifBank to increase access to long-term financing for small businesses, with particular attention to less-developed and earthquake-hit provinces, as well as women-led enterprises.
Simsek noted that the latest agreements would raise the ADB's total financing support for Türkiye to $3.1 billion.
Meanwhile, AIIB President Zou Jiayi unveiled $1.9 billion in financing, including $1.6 billion dedicated to Türkiye's climate action acceleration program and supplementary funding.
The remaining $300 million will be directed through Turk Eximbank to help businesses advance their green transformation and strengthen their ability to withstand economic shocks.
World Bank Group President Ajay Banga announced that three agreements worth a combined $1.5 billion would finance projects across urban development, agriculture and industry. The figure excludes additional private-sector investment the institution aims to attract.
Banga said the World Bank Group's portfolio in Türkiye had expanded to $32 billion, placing the country among its largest global operations. He also pointed to Türkiye's economic transformation throughout a partnership that has lasted more than 75 years.
The agreements involve the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), World Bank and Islamic Development Bank.
At a joint signing ceremony, Simsek said the funding would accelerate efforts to establish a greener, more resilient economy by financing initiatives focused on job creation, industrial modernization, and the green and digital transformations.
Türkiye has obtained approximately $50 billion in external financing from development partners since 2023, he added.
These resources have helped finance reconstruction following devastating earthquakes, railway development, decarbonization initiatives, renewable energy projects, resilient hospitals, exporters and small businesses.
Simsek stressed that attracting long-term investment requires sound economic policies and structural reforms, warning that national budgets alone cannot meet the substantial financial requirements of the transition.
ADB President Masato Kanda announced a €620 million ($687 million) agreement to construct hospitals capable of withstanding disasters, improve healthcare services and provide training for doctors.
A further $500 million will be allocated through VakifBank to increase access to long-term financing for small businesses, with particular attention to less-developed and earthquake-hit provinces, as well as women-led enterprises.
Simsek noted that the latest agreements would raise the ADB's total financing support for Türkiye to $3.1 billion.
Meanwhile, AIIB President Zou Jiayi unveiled $1.9 billion in financing, including $1.6 billion dedicated to Türkiye's climate action acceleration program and supplementary funding.
The remaining $300 million will be directed through Turk Eximbank to help businesses advance their green transformation and strengthen their ability to withstand economic shocks.
World Bank Group President Ajay Banga announced that three agreements worth a combined $1.5 billion would finance projects across urban development, agriculture and industry. The figure excludes additional private-sector investment the institution aims to attract.
Banga said the World Bank Group's portfolio in Türkiye had expanded to $32 billion, placing the country among its largest global operations. He also pointed to Türkiye's economic transformation throughout a partnership that has lasted more than 75 years.
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