Ankara, Türkiye, 5 November 2024 – The Islamic Development Bank (IsDB) Group and Turk Eximbank have signed a US$100 million financing agreement to drive Türkiye’s green transformation and support post-earthquake recovery efforts.

This facility will provide crucial financial support to businesses nationwide, with a dedicated focus on regions impacted by recent earthquakes. As the fifth initiative by IsDB for Türkiye’s post-earthquake recovery, this agreement underscores the Bank’s commitment to sustainable development and resilience-building across the country.

The signing ceremony took place at the Ministry of Treasury and Finance in Ankara and was witnessed by Türkiye’s Minister of Treasury and Finance, H.E. Dr. Mehmet Şimşek (IsDB Governor), and IsDB Group Chairman, H.E. Dr. Muhammad Al Jasser. The IsDB financing agreements were signed by Dr. Walid Abdelwahab, Director of IsDB Group Regional Hub Türkiye, and Turk Eximbank General Manager, Mr. Ali Güney and Deputy General Manager, Mr. Hakan Uzun. In parallel, the Director of IsDB Group Regional Hub Türkiye also signed the Guarantee Agreement with Türkiye’s Deputy Minister of Treasury and Finance H.E. Mr. Osman Çelik (IsDB Executive Director). 

The Post-Earthquake Economic Support and Green Finance Facility is designed to revitalize economic assets and infrastructure in Türkiye’s earthquake-affected regions and to drive green investments nationwide, prioritizing the needs of exporters. The Facility aligns with Türkiye’s climate goals and broader economic recovery strategies, focusing on restoring economic activity while advancing sustainability.

H.E. Mr. Mehmet Şimşek, the Minister of Treasury and Finance of the Republic of Türkiye, expressed optimism about the project’s potential impact and stated “This facility will provide export support in the earthquake region. This will help accelerate Türkiye’s green transformation, which is one of the key pillars of our program. We bank on continued support of the IsDB.”

“This US$100 million agreement strengthens our enduring partnership with Türkiye, supporting resilient Turkish exporters and aiding green recovery in earthquake-affected areas. We are proud that IsDB Group’s commitment to Türkiye now exceeds US$500 million, reflecting our shared vision for sustainable development and resilience.” – H.E. Dr. Muhammad Al Jasser

Mr. Ali Güney, General Manager of Turk Eximbank, also commented on the significance of this collaboration elaborating: "We are strengthening our funding of US$ 6.1 billion we raised in 2024 for Turkish exporters with this long-term Islamic finance facility provided by the Islamic Development Bank in a way that will support our interest-sensitive exporters. In addition, with this Facility, we aim to provide Islamic financing support for the economic development of the earthquake-hit region and the green transformation of our exporters, which are among the biggest priorities of our Bank.”

The funds will be strategically utilized to support a range of initiatives that include increasing renewable energy power generation capacity, improving energy efficiency of manufacturers, procurement of new productive machinery and equipment, reconstruction or strengthening of facilities to improve productivity and sustainability.

The investments under the Facility will also help export companies prepare for the EU's Carbon Border Adjustment Mechanism (CBAM) and enhance Türkiye’s overall green and resilient industrial production.