In sign of economic confidence, Türkiye secured $8.8B in external financing in 2023: Finance minister

'Financed resources to be used to revitalize economic activity in earthquake-stricken areas,' says Mehmet Simsek

The amount of external financing Türkiye secured from financing organizations and agencies last year reached $8.8 billion, according to Turkish Treasury and Finance Minister Mehmet Simsek. Simsek told Anadolu on Thursday that the resources financed by international organizations, government agencies, export credit agencies, and commercial lenders “are a sign of confidence in Türkiye and in our program that is based on transparency, consistency, accountability, and predictability.” He said some of these resources will be instrumental in the reconstruction of 11 Turkish provinces damaged by powerful earthquakes last February, and that $640 million was provided last Dec. 19-22 to support businesses in the affected region. ‘Financing to be used for economic activities in affected provinces’ Simsek stated that $100 million in financing secured from the Islamic Development Bank (IsDB) by the Industrial Development Bank of Türkiye (TSKB) will be used to finance investments focused on revitalizing and strengthening economic activities in the affected provinces. He highlighted that 20 billion yen ($137.5 million) in financing from the Japan International Cooperation Agency will be used by the lender Small and Medium Enterprises Development Organization of Türkiye to support the capital of micro, small and medium-sized enterprises in the affected provinces. Simsek also said the credit agency Japan Bank for International Cooperation provided $400 million in financing in the form of $200 million each to the Development and Investment Bank of Türkiye (TKYB) and to the TSKB. “These resources will be used to finance renewable energy efforts, energy efficiency, and investments for water and waste management with advanced technology support, as we focus on revitalizing and strengthening the economic activity in the earthquake-stricken provinces,” he said.