World Bank in talks to increase $35bn Turkiye exposure

ISTANBUL: The World Bank is holding talks with Turkiye to increase financing to Ankara beyond the $35 billion it has already provided through 2028, a source with knowledge of the matter said.

A “further increase” on the $35 billion is expected, the person told Reuters, declining to be named as the discussions are confidential.

The World Bank and Turkiye’s treasury and finance ministry did not respond to a request for comment.

The World Bank last year increased its financing to Turkiye to $35 billion from $17 billion.

Humberto Lopez, the World Bank’s Turkiye director, told Reuters last year that the $35 billion package was in response to the “strong commitment” by Ankara to re-establish macroeconomic stability and to support steps in that direction.

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Turkiye and the World Bank also signed a financing deal of $1.9 billion for four projects this week.

Turkish Finance Minister Mehmet Simsek was in Washington this week for the G20 and World Bank meetings.

World Bank financing to Turkiye mostly focuses on renewable energy, flood management, climate change adaptation and mitigation, and support for the export sector.