The International Finance Corporation (IFC), part of the World Bank Group, has announced a substantial investment package of $3.6 billion for Türkiye, covering the fiscal year from July 2023 to June 2024. Hela Cheikhrouhou, the IFC’s vice president for the region, highlighted this investment as a testament to Türkiye’s growing significance as the third-largest market for IFC, following India and Brazil.
During the UN General Assembly in September, meetings facilitated by the Turkish American Business Association showcased Türkiye’s evolving economic landscape and opportunities for foreign investments. The World Bank Group also expressed optimism about Türkiye’s macro-fiscal stabilization, noting improved sovereign ratings and a heightened interest from foreign investors.
The IFC is set to implement a total of $35 billion in activities, with $17 billion focused on portfolio initiatives and $18 billion earmarked for new projects. Cheikhrouhou emphasized that maintaining and creating jobs is a priority, with the IFC actively supporting various sectors, including high-tech and sustainable industries.
In light of the significant challenges posed by the devastating earthquakes earlier this year, the IFC has allocated $530 million to support micro, small, and medium-sized enterprises, particularly those led by women and operating in agribusiness, in the affected regions.
Cheikhrouhou acknowledged the resilience of Türkiye’s private sector, which she regards as a crucial engine of the economy. She noted that the country is keen on attracting international investments, especially as it adopts more orthodox macro-fiscal policies. Looking ahead, the economic outlook for Türkiye appears positive, bolstered by stability and a diversified economic structure that can foster job creation across various industries.
NEWS DESK
PRESS UPDATE