External financing in Türkiye surpasses $7.7B, says Finance Minister Simsek

Türkiye secured over $7.7 billion in external financing in 2024 with the World Bank’s latest $1.2 billion investment, Minister of Treasury and Finance Mehmet Simsek announced.

Simsek also revealed that the total financing provided by the World Bank for Türkiye’s development-focused projects is anticipated to reach $5 billion by the end of 2024.

“The total amount of concessional external financing secured from the World Bank and other creditors this year has reached $7.7 billion. We anticipate this figure will grow by year-end,” Simsek stated.

Speaking to Anadolu Agency, Minister Simsek emphasized the importance of international cooperation in securing external funds for Türkiye.

Robust cooperation with international institutions

Highlighting the impact of collaboration with international organizations, Simsek remarked, “We continue to secure concessional, long-term external financing for development-focused projects.”

Simsek also provided insights into the specific projects that will benefit from this funding. The minister detailed that around $660 million of the funding would be allocated to the Eastern Türkiye Middle Corridor Railway Development Project, implemented by the Ministry of Transport and Infrastructure.

Simsek underlined the strong partnership with the World Bank, noting, “This financing will be used to accelerate decarbonization in the transportation sector, increase the use of rail freight transport, strengthen preparedness for health emergencies, and enhance resilience in the agricultural food sector.”