Istanbul:The World Bank Group has significantly increased its financial involvement in Türkiye, providing $5.6 billion in financing during the fiscal year ending in June. This development has positioned Türkiye as the largest global recipient of the institution's resources dedicated to developing economies.
According to Anadolu Agency – English, Jean Christophe Carret, World Bank director for Türkiye, announced at a news conference in Istanbul that Türkiye has become one of the World Bank's largest global clients, with approximately $23 billion in ongoing projects. Carret emphasized that the World Bank's financing in Türkiye surpassed that of other major developing economies, including India, Brazil, Nigeria, and Pakistan.
The World Bank is working to secure an additional $4 billion in new financing for Türkiye this fiscal year, focusing on infrastructure investments in transportation, energy, and water. These funds are intended to be channeled through domestic development banks to enhance the competitiveness and export capabilities of small and medium-sized enterprises (SMEs).
The partnership between the World Bank and Türkiye is expanding into new areas, particularly in energy, as Türkiye plans to increase its electrification by 35% by 2035. Discussions are underway with transmission system operator TEIAS to develop the country's first electricity corridor using high-voltage direct current (HVDC) technology. This corridor will span 700 kilometers from the Mediterranean coast to Istanbul, forming a key component of Türkiye's future electricity transmission grid.
Additionally, Carret highlighted the expansion of rail transportation partnerships, with existing financing for the Middle Corridor and last-mile rail connections linking organized industrial zones between the Middle and Southern corridors.
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, is also increasing its investments in Türkiye. Lisa Kaestner, IFC director for Türkiye, Kazakhstan, and Uzbekistan, noted that Türkiye represents the corporation's third-largest global portfolio after Brazil and India. The IFC invested a record $5.5 billion in Türkiye's private sector during fiscal year 2026, totaling $25 billion over the last decade. These investments targeted logistics, including $1.2 billion for Antalya Airport, and sustainable industrial production capacity. In 2023, the IFC also invested approximately $530 million through five Turkish banks to support micro and small businesses in the earthquake-stricken southern regions.