ADB approves first financing package for Türkiye

The Asian Development Bank (ADB) has approved the first financing package as part of a new phase of cooperation with Türkiye.

Report informs, citing the ADB, that the package includes a sovereign loan of 150 million euros to support the country's earthquake recovery efforts, as well as two non-sovereign financial instruments of $100 million each for Akbank and Denizbank.

In this regard, the ADB and the Ministry of Treasury and Finance of Türkiye signed the first sovereign loan agreement.

Today, ADB President Masato Kanda held a meeting in Ankara with Turkish President Recep Tayyip Erdogan, during which directions for further cooperation were discussed. The parties confirmed their commitment to jointly implement the national development agenda and agreed on the bank's intention to provide $3 billion annually for project financing in 2026 and 2027.

"The ADB is pleased to have the opportunity to support Türkiye's long-term growth and resilience. Due to its strategic position connecting East and West, as well as its wealth of knowledge and experience, Türkiye can play a key role in the development of the region," said Masato Kanda during the meeting with the head of state.

The bank officially began its operations in Türkiye by launching an Interim Country Partnership Strategy (ICPS) for 2025-2027.

"The ADB is working closely with the government to form a reliable portfolio of projects aimed at strengthening economic resilience, expanding regional connectivity, and mobilizing private investment," the bank's statement notes.

Masato Kanda also emphasized the government's efforts to stabilize the economy after the devastating earthquake of 2023:

"To support these measures, the ADB will increase the amount of financing in 2026 and beyond, offering meaningful solutions that contribute to the country's development. We are ready to support Turkish entrepreneurs by mobilizing capital, sharing global experience, and creating partnerships to accelerate green growth, enhance financial inclusion, and strengthen connectivity," he added.

In addition, the ADB intends to expand interaction not only with the public but also with the private sector of Türkiye, strengthening investment cooperation.

The Asian Development Bank was founded in 1966, with its headquarters located in Manila (Philippines). Its shareholders include 69 countries, of which 50 are in the Asia-Pacific region.