The World Bank will provide Turkey with an additional $18 billion in financing

FCHAIN Turkey Office informs that it is stated: the World Bank has decided to increase the amount of funds transferred to Turkey following the announcement of the Medium-Term Program, adding $18 billion more to the ongoing $17 billion program, raising it to $35 billion.

Turkish Minister of Treasury and Finance Mehmet Simsek said that within the scope of cooperation with the World Bank, a financial cooperation program for the next 5 years has been established, stating, “The Country Partnership Framework Program, which envisages the World Bank providing an additional $18 billion in financing to the country within the first 3 years, was discussed and put into effect at the Bank’s Executive Board.” Minister Simsek also recalled that shortly before, financing of $1.5 billion was secured for 3 separate projects from the World Bank, noting that this funding would be used to ensure Turkey’s energy supply security and support the green transformation process of businesses.

The Minister pointed out the signing of an important program that forms the basis of financial and technical cooperation for the period 2024-2028 with the World Bank, underlining, “Within the scope of our strong cooperation with the World Bank, a financial cooperation program for the next 5 years has been established. The Country Partnership Framework (CPF) Program, which envisages the World Bank providing an additional $18 billion in financing to the country within the first three years, was discussed and put into effect at the Bank’s Executive Board.”

Turkey ranks third in concessional loans:

Minister Mehmet Simsek recalled that following the announcement of the Medium-Term Program, the World Bank decided to increase the amount of funds transferred to Turkey by adding $18 billion more to the ongoing $17 billion program, raising it to $35 billion. Mehmet Simsek provided information that Turkey ranks third in the world among countries using concessional loans from the Bank, and first in its region, sharing the details of the new program.

The Turkish Minister stated that the program, prepared in accordance with the priorities of Turkey’s 12th Development Plan, will focus on increasing high and sustainable productivity, strengthening inclusive services, employment, and resilience, indicating that these topics identify areas of cooperation that can be developed with the World Bank.