Mehmet Şimşek: 7.5 billion dollars in external funding secured

Minister of Treasury and Finance Mehmet Şimşek made an assessment regarding the external funding opportunities Turkey has secured in the field of project finance.

Stating that 400 million euros in financing will be provided to be allocated as a grant to İLBANK for use within the scope of the "Turkey Earthquake Recovery and Reconstruction Project," Şimşek said, "We have signed a loan agreement for the provision of 400 million euros in financing from the European Investment Bank to help heal the wounds of the earthquake and contribute to the reconstruction of cities."

Pointing out that the project aims to contribute to the improvement and reconstruction needs that emerged in cities following the earthquake disaster, Şimşek stated, "We are spending approximately 3 percent of our gross domestic product (GDP) this year to rebuild the region affected by the February 6 earthquakes."

"First financing since 2018"

Drawing attention to the fact that the last project financing from the EIB was provided in 2018, Şimşek remarked, "Our communication with the EIB, as with other international organizations, has become much stronger. Thus, as of November 2023, the amount of external financing provided for project finance has reached 7.5 billion dollars."

Stating that they welcome the EIB's support for Turkey's reconstruction efforts, Şimşek thanked the European Union for the solidarity it has shown with Turkey.

Şimşek's comments on current account deficit and inflation

On the other hand, Minister of Treasury and Finance Mehmet Şimşek made a statement on his social media account, expressing that relations with international financial institutions have been further strengthened.

Underlining that there is strong support for the program implemented to ensure macro-financial stability, Şimşek said, "We are reducing vulnerability by increasing international reserves. We will continue to do whatever is necessary for a permanent decline in inflation and the current account deficit."

News Source: 12punto