Türkiye, Asian bank ink $5B financing deal

Ankara and the Asian Infrastructure Investment Bank establish their first multi-year framework as part of the deal. Türkiye’s Treasury and Finance Ministry and the Asian Infrastructure Investment Bank (AIIB) have signed a major deal to strengthen their cooperation. The Memorandum of Understanding (MoU), signed on Monday, formalised AIIB’s commitment to provide about $5 billion in financing for public projects in Türkiye over the next three years (2025-2027). The deal marks the first time Türkiye and AIIB have set up a multi-year framework for cooperation, the finance ministry said in a statement. The funding will support projects in areas such as energy, transportation, the real sector, export financing, and water management, all of which focus on sustainable and green development. Additionally, AIIB plans to provide another $5 billion in funding for private-sector projects in the future. This will help diversify financial resources for businesses and support infrastructure projects across Türkiye. The finance ministry said that Türkiye's strong partnerships with international development banks make the country a preferred partner for global development projects. By the end of 2024, Türkiye’s active portfolio with these banks reached $35 billion, reflecting trust in the country's economic plans. ➤ Click here to follow our WhatsApp channel for more stories.