Turkey nears finalizing agreements for $2.5 billion foreign financing: Şimşek
Turkey is on the verge of finalizing deals for foreign financing worth approximately $2.5 billion, according to Finance Minister Mehmet Şimşek. This funding is primarily aimed at supporting projects for rebuilding the southeastern region devastated by last year’s earthquakes.
So far this year, Turkey has secured about $2.9 billion in long-term financing with favorable interest rates. The country is working closely with international financial institutions to secure funding for development-oriented projects with below-market interest rates.
The financing will mainly address infrastructure needs following the earthquakes that hit eleven provinces in the country, causing significant damage and loss of life.
Şimşek emphasized that the projects being financed prioritize sustainability and support the green transformation of exporters, strengthen the real sector, and align with climate change goals for a Green Economy in the long term.
Upcoming projects include approximately $1.9 billion, approved by the World Bank, for measures such as flood and drought prevention, energy-efficient public buildings, rebuilding small industrial sites in the earthquake zone, and creating job opportunities in green sectors for women and youth.
Additionally, Turkey is close to securing $250 million from the Islamic Development Bank for green exporter transformation and support for quake-affected businesses, as well as $200 million from the Asian Infrastructure Investment Bank for highway improvement in the quake region and $165 million from the Islamic Development Bank for school support in the same area.
Source
Sofia Martins graduated from the Technical University of Madrid with a degree in Agronomy, focusing on plant nutrition and soil science. She has a deep interest in sustainable fertilizer management and works to develop eco-friendly solutions that optimize plant growth while minimizing nutrient runoff. Sofia is a dedicated researcher and has published several articles on sustainable plant nutrition practices.