Türkiye secures $6.3bn financing from Islamic Development Bank 

Türkiye has secured $6.3 billion in financing from the Islamic Development Bank (IsDB) Group for development projects.

The financing is part of a three-year country engagement framework launched on the sidelines of the bank’s annual meeting and 50th anniversary event in Riyadh. 

International institutions trust Türkiye's economic program, the country’s treasury and foreign minister Mehmet Simsek said in a post on social media platform X (formerly Twitter). 

Türkiye received about $12.9 billion of financing from the bank so far, Turkiye’s state run Anadolu Agency quoted him as saying. 

"The Islamic Development Bank has been a great partner, it has helped the Turkish economy become more resilient," he added. 

The new framework aims to support the government in “achieving its development targets by addressing some of the critical bottlenecks under current and emerging economic financial challenges”, the lender said in a statement. 

The $6.3 billion funding consists of IsDB’s public-sector and public-private partnership funding of $2 billion, $900 million from the International Islamic Trade Finance Corporation, $300 million from the Islamic Corporation for the Development of the Private Sector and $3.1 billion from the Islamic Corporation for the Insurance of Investment and Export Credit.

On Saturday, the bank approved $128.6 million for a highway project in Türkiye.

Türkiye is a founding member of the IsDB, which hosts a regional hub with two offices in Ankara and Istanbul. 

In the past five decades, the bank has provided the country with nearly $13 billion in financing for more than 545 development projects across several sectors.