Intriguing Developments: World Bank on the Verge of Expanding $35 Billion Financial Aid to Turkey

The World Bank is in discussions with Ankara to increase the $35 billion financing provided to Turkey, according to a source familiar with the matter speaking to Reuters. This financing amount is aimed to be further increased. In the financing plan extending to 2028, neither the World Bank nor the Ministry of Treasury and Finance has made an official comment yet. Last year, the World Bank raised its financing for Turkey from $17 billion to $35 billion.

Past Statements and New Commitments
World Bank Turkey Director Humberto Lopez stated in an interview with Reuters last year that the $35 billion financing package was provided in support of Ankara's efforts to maintain macroeconomic stability and the steps to be taken. The bank's willingness to further increase this financing may reflect Turkey's commitment to economic reforms.

This week, a new financing agreement worth a total of $1.9 billion for four projects was signed between Turkey and the World Bank. These projects are expected to contribute to Turkey's economy in various fields.

Finance Minister Şimşek's US Engagements
Finance Minister Mehmet Şimşek was in Washington this week for G20 and World Bank meetings. Discussions on Turkey's economic situation and ongoing projects with the World Bank were anticipated during these meetings.

A large portion of the financing provided by the World Bank to Turkey focuses on renewable energy, flood management, adaptation and mitigation of climate change, and support for the export sector. The bank aims to increase this financing to provide broader support for Turkey's projects in these areas.