IFC mobilizes huge investment package for Türkiye

ISTANBUL

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has mobilized a $3.6 billion investment package for Türkiye, in the fiscal year from July 2023 to June 2024.

The package confirms Türkiye's position as the third largest country of activity of the IFC with the private sector following only India and Brazil, Hela Cheikhrouhou, the corporation's vice president for the Middle East, Central Asia, Türkiye, Afghanistan and Pakistan, told state-run Anadolu Agency.

During the Annual Meetings of the World Bank Group and the International Monetary Fund, unanimity about the positive steps toward macro-fiscal stabilization being implemented since the middle of 2023, improvements in the sovereign ratings of the country, and enhanced foreign private sector appetite to see the opportunities to invest and bring about new job creation was reached, she said.

She said as part of the macro-fiscal stabilization, the World Bank Group is committed to implementing $35 billion, $17 billion of which are portfolio activities and $18 billion in new activities.

Half of the new activities would be with the IFC, In the fiscal year from July 1, 2023, to June 30, 2024, the IFC has achieved a record in its activities in Türkiye, she underlined.

She said: “We approved and mobilized $3.6 billion for Türkiye… This is a testimony to the vibrancy of the private sector and to the opportunities that it offers across the sectors.”

Cheikhrouhou said the outlook for the economy will be increasingly positive as enabling policies and institutional setup offer stability, certainty and positive enabling that the private sector, local and international and regional would require.