Turkey, Islamic bank enjoy strong partnership

Published 02.12.2018 21:44
Updated 03.12.2018 08:00

Turkey and the Islamic Development Bank (IsDB) Group enjoy "a very strong partnership," the group's president said.

"Turkey is the fourth-largest beneficiary of IsDB Group financing," Bandar Hajjar told Anadolu Agency (AA).

So far, the IsDB has invested a total of $11.6 billion in various development projects in Turkey, 45 percent of which was invested over the past five years, he noted. The bank, through its 10-year strategy, supports different sectors, including health, education, transport and energy in Turkey, he said.

"In the energy sector, we have invested over $700 million in renewable energy and energy efficiency enhancement projects to support the government of Turkey's targets," Hajjar said. "We have also supported around 1,000 megawatts of renewable energy generation and catalyzed around $1.4 billion of relevant investments," he added.

Through its industrial energy efficiency projects, the IsDB Group has reportedly been able to contribute to more than 2 million tons of reduction in CO2 emissions, Hajjar said.

He added that the IsDB Group also supported transportation projects, especially electric locomotives and high-speed trains, the public-private partnership hospital and science projects.

"We have also been providing support to Turkish exporters and importers to better reach newer markets and increase their productivity and competitiveness in key sectors such crude oil, coal, plastics, textiles, machinery and soft commodities in the agricultural sector," Hajjar said.

The IsDB Group, established in 1975, has 57 member countries where nearly 1.7 billion people live on four continents: Africa, Asia, Europe and Latin America. The IsDB Group, which maintains authorized capital of $150 billion, has provided about $131 billion of financing to its member countries' economic development since its establishment. It has also issued more than $19 billion worth of sukuk - a non-interest-bearing note built along Islamic principles - in global financial markets.

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