Turkey allocates $35.5bn for new projects in 2024

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The Turkish government has earmarked 1.07 trillion lira ($35.53 billion) for 12,041 projects in its 2024 budget, according to the country’s official gazette.

As part of the investment program, 318.96 billion lira has been allocated to 773 projects in the transportation and communication sector, Daily Sabah newspaper reported. 

In addition, education takes a share of 150.78 billion lira for 1,027 projects, representing 15 percent of the total budget allocation.

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The government has set aside 106 billion lira for the mining sector, constituting a 10.5 percent share and reflecting an annual 34 percent increase in investments.

The energy sector has witnessed a 70 percent annual surge of 7.5 percent of the overall investments. A significant portion of the proceeds has been directed towards the Sakarya natural gas field off the Black Sea coast, totalling 46 billion lira. 

Additionally, 53.8 billion lira has been earmarked for other natural gas and oil exploration and production activities to reduce foreign dependency on energy.

The agricultural sector will get a substantial boost with an allocation of 101 billion lira, accounting for 10 percent of the total share and registering an annual increase of 132 percent.

The share of the investments in the health sector stood at 94.56 billion lira.

Furthermore, the budget allocated 5 billion lira to construct industrial workplaces in earthquake-prone areas, with an additional 5.3 billion lira planned to finance organised industrial zone projects. 

An allocation of 2.8 billion lira has been earmarked for small industrial site projects, the report said.