Türkiye secured $7.7 billion (TL 268.52 billion) in favorable external financing so far this year, including the recent $1.2 billion approved by the World Bank, Treasury and Finance Minister Mehmet Şimşek said Thursday.
Speaking to Anadolu Agency (AA), the minister stated that the World Bank greenlighted approximately $1.2 billion in external financing for Türkiye this month.
"Together with the World Bank, the total amount of favorable external financing obtained from other creditors this year has reached $7.7 billion. We expect this amount to increase by the end of the year," he said.
Emphasizing the strong results of Türkiye's cooperation with international organizations in accessing external financing, Şimşek said, "We continue to secure favorable, long-term external financing for our development-oriented projects."
Şimşek also provided details about the projects for which this financing will be used.
The minister explained that approximately $660 million will be allocated for the Eastern Türkiye Middle Corridor Railway Development Project, which will be implemented by the Ministry of Transport and Infrastructure.
He also mentioned the implementation of the $250 million Public Health Emergency Preparedness Project, to be carried out by the Ministry of Health. Additionally, about $250 million in external funding will be used for the Earthquake Region Agricultural Sector Improvement Project, which will be implemented by the Ministry of Agriculture and Forestry.
Highlighting the strong partnership between Türkiye and the World Bank, Şimşek further said that the "financing will be used to accelerate decarbonization in the transportation sector, increase the use of rail freight transportation, strengthen preparedness for health emergencies and enhance resilience in the agricultural and food sectors."
Şimşek also informed that the World Bank's financing for development-focused projects is expected to reach $5 billion by the end of this year.
"With confidence in Türkiye's economy and our program, we will continue our efforts to secure favorable external financing for our country," he concluded.
