Loans   Speeches

2/27/2024

IFC Turkey and Central Asia Regional Director Schloemer: "We Invested 20 Billion Dollars in Turkey in 10 Years"

"The World Bank Group's approval of a direct loan of $18 billion to the private sector over the next 3 years, in addition to the $17 billion programs implemented in Turkey, means a temporary financial package of approximately $35 billion. This package represents a major expansion in our Turkey program. We also plan to deepen our participation in other areas such as the export sector."...

Wiebke Schloemer, Turkey and Central Asia Regional Director of the International Finance Corporation (IFC), the World Bank Group's organization that supports private sector investments, made a statement to AA.

Stating that Turkey is one of IFC's largest markets and that they have been operating in Turkey for 50 years, Schloemer stated that they have increased their investments in Turkey in the last 2 years in order to support the private sector in an environment of macroeconomic fluctuations. Schloemer noted that IFC has committed nearly $3 billion of its $20 billion investment in Turkey over 10 years between July 2022 and June 2023.

Reminding that the World Bank Group will provide direct loans of 18 billion dollars to the private sector in the next 3 years, in addition to the 17 billion dollars of programs implemented in Turkey, Schloemer said, "This means a temporary financial package of approximately 35 billion dollars. This package represents a major expansion of our Turkey program and responds to the administration's strong commitment to restoring macroeconomic stability. We also plan to deepen our involvement in other areas, such as the export sector." said.

Schloemer said: “Following the earthquakes, we have committed to provide approximately $1 billion to the financial, manufacturing and infrastructure sectors, through our private sector partners, to support relief and reconstruction efforts in the region over the next 2 years. We prioritized supporting households affected by the earthquake through Turkish banks. Many people in these areas are unable to repay their loans. We are also working with local banks to reduce the impact on the financial sector by meeting short-term liquidity needs and examining the feasibility of leveraging capital market instruments to support long-term restructuring efforts," She also reminded the financing package of approximately 680 million dollars TEBA:December 18, 2023 they provided for medium and small businesses in the region and a leading manufacturing company.