The Asia Infrastructure Investment Bank will provide approximately $5 billion in financing for public projects in Turkey over the course of three years.

A memorandum of understanding signed between the Ministry of Treasury and Finance and the Asia Infrastructure Investment Bank (AIIB) will ensure financing of around $5 billion for public projects over the next three years. Minister Şimşek and AIIB President Jin Liqun signed the memorandum in the city of Al Ula in Saudi Arabia during a meeting held on this matter. An announcement from the Ministry stated, “With this memorandum of understanding, a multi-year framework has been established for the first time with the AIIB, strengthening our cooperation even further.”

The signed memorandum reinforces the strong partnership between Turkey and AIIB, providing significant contributions to sustainable and green development projects.

Development-focused projects in various areas such as energy, transportation, real sector, export financing, health, and water management will be supported. The statement also highlighted that an additional $5 billion in financing for private sector projects will be provided in the future, increasing resource diversity for the real sector and exporters while offering conditional financing for infrastructure projects in different sectors and regions. Turkey is the 10th largest shareholder in the bank

Additionally, the AIIB is an international financial institution with 110 members headquartered in Beijing. 75% of the bank’s total capital is distributed among regional members, while 25% is allocated to non-regional members. Turkey, with a capital of $2.6 billion, holds a 2.5% voting share, making it the bank’s 10th largest shareholder. Among regional countries, Turkey ranks 7th. Since 2018, the AIIB has provided $5.5 billion in financing to Turkey, making the country the second-largest beneficiary of the bank’s financing after India.