Ankara, Türkiye, 19 December 2023 – The Islamic Development Bank (IsDB) Group and the Industrial Development Bank of Turkiye (TSKB) have signed a US$ 100 million financing agreement that aims to enhance economic recovery and sustainable growth in the 17 provinces bearing the brunt of the twin devastating earthquakes which struck southern Turkiye on 6^th February 2023.   

The financing agreement for the Post Earthquake Economic Recovery (PEER) project was signed on Tuesday 19 December 2023, in Ankara, by TSKB CEO Mr. Murat Bilgiç and Executive Vice President Ms. Meral Murathan on behalf of TSKB and by IsDB Group Regional Hub Director, Dr. Walid Abdelwahab on behalf of the Islamic Development Bank.

In parallel, H.E. Kerem Dönmez Director General for Foreign Economic Relations and IsDB Alternate Governor for Turkiye signed the related Guarantee Agreement with IsDB, on behalf of the Ministry of Treasury and Finance, Republic of Turkiye, signifying the strategic facilitation and enabling role of the government in this important Line of Finance project.

The facility takes the ongoing partnership between IsDB and TSKB to a higher level and supports the Turkish privately owned firms from various sectors affected by the twin earthquakes by enhancing economic recovery, resilience, and productivity.

TSKB CEO Mr. Murat Bilgiç said: “TSKB CEO Mr. Murat Bilgiç said: “With the US$ 100 million financing agreement that we signed with the Islamic Development Bank, we aim to provide not only a reconstructive but also a targeted and sustainable impact in the earthquake region. This financing will contribute to the economic stability of our country while serving the reconstruction of earthquake-affected provinces. Moreover, we maintain our strong sustainability approach and believe that post-disaster reconstruction should serve equitable and low-carbon development goals. We would like to thank our esteemed business partner Islamic Development Bank, with whom we share the same vision, for this meaningful collaboration and their trust”

On the occasion, IsDB Group Regional Hub Director, Dr. Walid Abdelwahab, stated: “IsDB Group takes pride in its half a century of development cooperation with the public and private sectors in Turkiye which has covered various fields in the country including healthcare, education, industry, green transport, renewable energy and energy efficiency, international trade, banking, and insurance. More specifically, the collaboration between IsDB Group and TSKB stands as a perfect example of success, and we are ready to facilitate presenting TSKB's successful finance-based development model of experience to other IsDB Group member countries.”

The PEER project will directly contribute to several of the UN sustainable development goals; SDG 8 “Decent Work and Economic Growth”, SDG 9 “Build resilient infrastructure, promote sustainable industrialization and foster innovation”, SDG 13 “Climate action”, and SDG 17 “Partnerships”.

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Note to Editors:

About Islamic Development Bank Group (IsDB) and Türkiye Relations:

The Islamic Development Bank (IsDB) Group has a regional hub in Turkiye with offices in Ankara and Istanbul. IsDB Group has provided nearly US$ 12.6 billion of financing to Türkiye through more than 554 socio-economic development projects. The projects encompass a wide range of sectors, with key footprints in transport, health, education, clean and renewable energy, energy security, food security, infrastructure, international trade, private sector development, SMEs, Islamic finance, and insurance. Notable achievements include financing of state-of-the-art healthcare infrastructures like the Professor Dr. Tascioglu City Hospital in Istanbul and other cities in Turkiye, the high-speed train sets operating between Istanbul, Ankara, and Konya, as well as diverse renewable energy plants across Türkiye in locations like Bingöl, Manisa, and Catalca. These instances highlight the half-century-long successful development cooperation between the Government of Türkiye and IsDB Group.

About Islamic Development Bank (IsDB) Group

Rated AAA by the world's major rating agencies, the Islamic Development Bank is the pioneering multilateral development bank of the Global South that has been working for nearly 50 years to improve the lives of the communities it serves by delivering impact at scale. The Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place and enabling them to fulfill their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has regional hubs and centers of excellence in 11 of its Member Countries.  Over the years, the Bank has evolved from a single entity into a group comprising five entities: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).

About TSKB

Founded in Istanbul in 1950 as Türkiye’s first private development and investment bank, with the support of the World Bank and the Central Bank of the Republic of Türkiye, and the contributions of national and international commercial banks, TSKB contributes to sustainable growth, development, and green transformation of the Turkish manufacturing economy. With our 73 years of knowledge and competence, TSKB offers products and services to our customers in the corporate banking, investment banking, and advisory fields. As a development and investment bank, TSKB works with a sustainable development perspective in the field of corporate banking pursuing science-based targets, and introduces thematic funds from international development finance institutions and international financial institutions to the private sector investors in Türkiye. TSKB also issues debt instruments in foreign capital markets to create additional resources for our country’s sustainable and inclusive development investments.

For further information please contact:

IsDB Group

M.A. DinMohammadi, Regional Communications Officer

Email: mdinmohammadi@isdb.org

TSKB:

TSKB PR Agency

Email: lobbytskb@lobby-pr.com