The Islamic Development Bank, an international financial organization located in Saudi Arabia, will provide Turkey a loan of USD 6.3 billion in the period 2024-2026. “Funding will be allocated to support projects in the fields of education, transport, agriculture, industry, energy within the framework of the medium-term economic development program, performed by Turkey”, said the head of the Turkish Ministry of Finance, Mehmet Simsek, after negotiations in Riyadh.
Earlier it was reported that the World Bank (WB) has granted an additional USD 18 billion to Turkey for investment projects. In total, Turkey will receive 35 billion USD through the World Bank for the implementation of the medium-term development program for 5 years.
Turkey's negotiations with the World Bank became known shortly after the local elections held on March 31, on the eve of which the opposition said that Ankara had concluded a loan deal with the International Monetary Fund (IMF). The Turkish presidential administration's anti-disinformation center denied such claims, saying the authorities had no plans to borrow from the IMF. Turkish President Recep Tayyip Erdogan has repeatedly said that Ankara paid off its debts to the IMF in 2013 and no longer intends to sign loan agreements with it.