Politics
World Bank doubles Turkey's exposure to $35 billion: minister
The World Bank has doubled its exposure to Turkey to $35 billion to help stabilize the Middle East's largest non-oil economy, Treasury and Finance Minister Mehmet Imek said on Wednesday. the official Anadolu news agency.
imek announced an important financial cooperation between Turkey and the World Bank covering the financial years 2024-2028. The collaboration will be launched under the Country Partnership Framework (CPF) program, which promises Turkey additional financing of $18 billion over the first three years, bringing the World Bank's commitment to Turkey to $35 billion. of dollars. Thanks to this measure, Turkey will become the third global recipient of concessional loans from the World Bank.
The deal marks a vote of confidence in Turkish economic policy since the general election, according to a previous Bloomberg report.
Since June, Turkey has begun reversing years of unconventional growth-at-all-costs economic policies pushed by President Recep Tayyip Erdoan until his re-election in May. Imek and the central bank are leading efforts to curb rampant inflation and put the nearly $1 trillion economy on a more sustainable path.
The agreement covers a wide range of areas, including improving disaster resilience, energy, green transformation, combating climate change, increasing productivity, infrastructure, logistics, industry, agriculture, education, health and inclusion.
The program will be jointly implemented by the World Bank Group entities: the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), with the aim of increasing the impact of the bank's activities. activities in Türkiye. About two-thirds of the $18 billion in financing planned for the next three years will support private sector development, with $6 billion coming from the IBRD, $9 billion from the IFC and $3 billion from guarantees to short term of MIGA.
The program highlights the World Bank's support for Turkish policymakers' efforts to restore macroeconomic stability.
Imek and former central bank governor Hafize Gaye Erkan met Ajay Banga, the president of the Washington-based bank, in India in July, Turkish state media reported at the time.
Part of the newly committed funds will likely be allocated to rebuilding areas devastated by two massive earthquakes that struck southeastern Turkey on February 6, 2023, killing more than 50,000 people.
The government has pledged to build some 200,000 residential units within a year for survivors and has estimated the cost of reconstruction at around $100 billion. The World Bank has already provided a $910.5 million ($980 million) loan to Turkey for reconstruction, part of its previous allocation of $17 billion.
Following the earthquakes, Turkey's current account deficit widened to around 6% of gross domestic product as exporters in affected areas suffered outages and ultra-low borrowing costs encouraged the imports.
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