Asian Development Bank to launch operations in Türkiye

Asian Development Bank to launch operations in Türkiye

ANKARA
Asian Development Bank to launch operations in TürkiyeAsian Development Bank to launch operations in Türkiye

The Asian Development Bank (ADB) is set to launch its operations in Türkiye after the ADB board of governors in December voted to change the country’s status from a "non-regional member" to a "regional member."

“The decision to change Türkiye’s status is a first in the bank's 59-year history, was realized with the intensive efforts of our country,” the Treasury and Finance Ministry said in a statement.

“This process was successfully completed in just four and a half months with broad support, thanks to the strong dialogue with member countries and the confidence in our economic program,” it added.

The public and private sectors in Türkiye will have access to ADB’s long-term and advantageous financing opportunities in various fields, such as infrastructure, environment, education, finance, and energy, according to the statement.

A delegation of ADB officials arrived in Türkiye to have meetings with public and private sector representatives until Jan. 31 to outline the bank’s plans in the country.

Finance Minister Mehmet Şimşek also met with members of the ADB delegation.

During the meeting, Şimşek explained Türkiye’s sectoral priorities and policies pursued under the medium-term program, while the delegation presented the general framework of the ADB’s future work program for the country, the ministry said in a statement.

Türkiye joined the bank as a non-regional member in 1991.

The ADB's total authorized capital stands at $142.7 billion, with paid-in capital of $7.1 billion. Türkiye's share in the bank’s capital amounts to $480.7 million.

The Manila-based development bank has 69 member countries, a registered capital of $142.7 billion and a paid-in capital of $7.1 billion.

Türkiye’s share in the bank’s registered capital is $480.7 million in registered capital, corresponding to a voting power of 0.56 percent, according to the ministry.