Headline: Minister Şimşek Kicks Off U.S. Tour with a Bang: Secures $1.9 Billion in Financing on Day One
Treasury and Finance Minister Mehmet Şimşek made a swift start to his engagements in the US during the G20 and World Bank meetings. As part of this visit, Şimşek attended a series of significant meetings, resulting in substantial financial support for Turkey. Through four separate loan agreements signed with the World Bank, a total of $1.9 billion in financing was secured for Turkey.
These agreements with the World Bank cover critical projects such as energy efficiency, flood and drought risk management, green transition, and the reconstruction of industrial sites in earthquake-affected areas. These projects, to be implemented by the Ministries of Environment, Urbanization and Climate Change, Agriculture and Forestry, and Industry and Technology, are expected to significantly contribute to Turkey's economic development goals.
Total financing support of $3.9 billion from the World Bank With the new financing package, Turkey's total financial support from the World Bank this year has reached $3.9 billion. In a statement to the press, Şimşek noted that after the announcement of the Medium-Term Program last year, the World Bank significantly increased its resources allocated to Turkey. In addition to an ongoing $17 billion program, an additional $18 billion in financing is expected over the next three years, bringing the total amount to $35 billion.
Minister Şimşek emphasized that the new agreements reflect confidence in Turkey's economic program. He also indicated that efforts to expand the World Bank's financing package for Turkey would continue. These projects, tailored to Turkey's development priorities, are expected to provide long-term contributions to the country's economy.
Şimşek Meets Key Figures During his US visit, Minister Şimşek also met with World Bank Vice President Antonella Bassani. In addition to this meeting, he met with Masato Kanda, the candidate for President of the Asian Development Bank, Pakistan's Finance Minister Muhammed Aurangzeb, and the Governor of the Central Bank of Libya, Naji Issa. Through these meetings, Şimşek established significant international contacts.
The discussions hold substantial importance for strengthening Turkey's global economic relations. The other meetings that Minister Şimşek will conduct during the G20 and World Bank events are expected to contribute to the country's economic development strategies. These engagements in the US are considered an important step towards bolstering Turkey's position in the international economic arena.