Intriguing Developments: World Bank in Talks to Expand $35 Billion Financing for Turkey

According to a source with knowledge on the matter, the World Bank is in talks with Turkey to increase its financing to Ankara, which is currently set at $35 billion until 2028. The source indicated that this amount is expected to be "further increased." Neither the World Bank nor the Turkish Ministry of Treasury and Finance responded to requests for comment. Last year, the World Bank increased its financial support to Turkey from $17 billion to $35 billion. Humberto Lopez, the World Bank's Country Director for Turkey, stated last year that the $35 billion package was a response to Ankara's "strong commitment" to restoring macroeconomic stability and supporting steps in that direction. This week, Turkey and the World Bank also signed a financing agreement for $1.9 billion for four projects. Finance Minister Mehmet Şimşek was in Washington this week for the G20 and World Bank meetings. The World Bank's financing for Turkey primarily focuses on renewable energy, flood management, climate change adaptation and mitigation, and support for the export sector.