Turkey secures $6bn from Islamic Development Bank

IsDB

Turkey has secured $6.3 billion in funding over the next two years from the Islamic Development Bank (IsDB) Group to support its economic development. 

The facility will support sectors such as education, health, transport, finance, agriculture, industry, energy and infrastructure, state-run Anadolu Agency said, quoting Turkey’s treasury and finance minister Mehmet Şimşek.

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The total amount consists of $2 billion from IsDB, $900 million from the International Islamic Trade Finance Corporation, $300 million from the Islamic Corporation for the Development of the Private Sector, and $3.1 billion from the Islamic Corporation for the Insurance of Investment and Export Credit, the Jeddah-based multilateral lender said in a statement.

The new funding, as part of the country engagement framework, will undergo a thorough review process in a collaboration between IsDB and Turkey.

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Turkey is a founding member of the IsDB, which hosts a regional centre with two offices in Ankara and Istanbul. 

In the past five decades, the bank has provided the country with nearly $13 billion in financing for more than 545 development projects.