IFC invests $1.46 billion in Türkiye

International Finance Corporation (IFC), a member of the World Bank Group, has said it has invested over $1.46 billion in Türkiye to support private sector development in fiscal year 2023.

That was in addition to $662 million mobilized from other investors, helping to accelerate economic growth, boost job creation, support exports, and tackle climate change amid a challenging macroeconomic environment, the IFC said in a statement.

In line with IFC's strategic priorities, its investments in Türkiye between July 1, 2022, and June 30, 2023, focused on enhancing the country's competitiveness, boosting access to finance, addressing the gender gap, and fighting climate change.

"In addition, IFC facilitated $966 million of cross-border trade through banks participating in its global trade finance program."

It is crucial for IFC to support Türkiye during these challenging times, said Wiebke Schloemer, IFC Director for Türkiye and Central Asia.

"As the country recovers from the recent earthquakes and continues to address economic uncertainty, IFC continues to support private sector development in Türkiye and boost the country's competitiveness by investing in crucial infrastructure, bolstering the manufacturing sector, supporting exports, and increasing access to critical finance."

IFC said it has supported private sector development in Türkiye for more than 50 years, with investments of nearly $11 billion in the last decade alone.

Türkiye represents IFC's third-largest country exposure globally, with a committed portfolio of close to $4.7 billion as of June 2023.

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