Türkiye signs $5.1 billion in deals with 4 development banks at COP31

ANTALYA

Finance Minister Mehmet Şimşek (R) met World Bank Group President Ajay Banga at COP31 held in Antalya, Türkiye, on Nov. 12, 2026. (AA Photo)

Türkiye signed 10 agreements worth $5.1 billion with four multilateral development banks at the COP31 climate summit in Antalya, Finance Minister Mehmet Şimşek said on Nov. 12.

The banks include the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), World Bank and Islamic Development Bank.

Speaking at a joint signing ceremony, Şimşek said the financing would help build a greener and more resilient economy through projects supporting employment, industrial modernization, and green and digital transitions.

Türkiye has secured about $50 billion in external financing from development partners since 2023, he said.

The funding has supported post-earthquake reconstruction, railways, decarbonization, renewable energy, resilient hospitals, exporters and small businesses.

Şimşek emphasized that sound economic policies and structural reforms were essential for attracting long-term investment, while national budgets alone could not cover the transition’s financing needs.

ADB President Masato Kanda outlined a 620 million-euro ($687 million) agreement to build disaster-resilient hospitals, strengthen health services and train doctors.

Another $500 million will be provided through Vakıfbank to expand long-term financing for small businesses, particularly in less-developed and earthquake-affected provinces and for women entrepreneurs.

Şimşek said the agreements would bring ADB financing support to $3.1 billion.

AIIB President Zou Jiayi announced $1.9 billion in financing, including $1.6 billion for Türkiye’s climate action acceleration program and additional financing.

The remaining $300 million will be channeled through Turk Eximbank to support businesses’ green transition and resilience to economic shocks.

World Bank Group President Ajay Banga said three agreements totaling $1.5 billion would support cities, agriculture and industry, excluding additional private investment the institution seeks to mobilize.

He said the group’s portfolio in Türkiye had reached $32 billion, making it one of its largest worldwide, and highlighted the country’s economic transformation during a partnership spanning more than 75 years.