The key facts

  • 10 agreements worth $5.1 billion signed with four development banks at COP31 in Antalya
  • ADB will provide $3.1 billion, AIIB — $1.9 billion, the World Bank — $1.5 billion
  • Since 2023, Turkey has attracted about $50 billion in external financing from development partners

Agreements at COP31 in Antalya

Turkey signed 10 agreements worth a total of $5.1 billion with four multilateral development banks as part of the COP31 climate summit taking place in Antalya. Finance and Treasury Minister Mehmet Şimşek announced this at a joint signing ceremony. The deals involve the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the World Bank and the Islamic Development Bank.

How the funds are allocated

According to Şimşek, the financing is intended to support the creation of a 'greener and more sustainable' economy through projects in employment, industrial modernization, as well as the green and digital transitions. He emphasized that national budgets alone do not cover the needs of the transition, and that attracting long-term investment requires sound economic policy and structural reforms.

Each bank's contribution

ADB President Masato Kanda presented an agreement for €620 million ($687 million) to build disaster-resilient hospitals, strengthen healthcare services and train physicians. Another $500 million will be channeled through VakifBank to provide long-term financing for small businesses, especially in less developed and earthquake-affected provinces, and for women entrepreneurs. With the new agreements, ADB's support will reach $3.1 billion.

AIIB and the World Bank

AIIB President Zou Jiayi announced financing of $1.9 billion, of which $1.6 billion will go toward Turkey's climate action acceleration program and additional financing, while the remaining $300 million will be channeled through Turk Eximbank for companies' green transition and their resilience to economic shocks. World Bank President Ajay Banga reported three agreements worth $1.5 billion to support cities, agriculture and industry, not counting private investment that the bank expects to mobilize additionally. According to him, the group's portfolio in Turkey has reached $32 billion, making the country one of the largest destinations in the world, and the partnership has lasted more than 75 years.

Context of external financing

Şimşek also said that since 2023 Turkey has attracted about $50 billion in external financing from development partners. These funds, he said, supported recovery from the earthquakes, railways, decarbonization, renewable energy, disaster-resilient hospitals, exporters and small businesses.