The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has mobilized an investment package totaling $3.6 billion for Türkiye for the fiscal year spanning July 2023 to June 2024. IFC Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, Hela Cheikhrouhou, emphasized the significance of this investment, highlighting Türkiye as the IFC’s third largest market after India and Brazil, reflecting the country’s dynamic private sector.

Speaking at the UN General Assembly in New York in September, Cheikhrouhou noted a series of high-level meetings showcasing Türkiye’s economic policy advancements and potential for foreign investment. She pointed out that ongoing stability efforts and improved fiscal ratings have further strengthened Türkiye’s appeal to foreign investors, setting the stage for new employment opportunities and economic growth.

The World Bank Group committed to a broader $35 billion investment plan in Türkiye, of which $18 billion is designated for new initiatives, with half allocated to the IFC. Cheikhrouhou highlighted IFC’s introduction of green, blue, and gender-oriented bonds in Türkiye, supporting sustainability and gender equality in sectors like agribusiness, high-tech manufacturing, and services.

Türkiye’s strategic positioning makes it an attractive hub for supply chains seeking closer proximity to European markets, she noted, emphasizing the IFC’s role in aiding Türkiye’s transition towards high-value manufacturing and clean energy in line with Europe’s carbon adjustment mechanisms.

Following the February 2023 earthquakes in Türkiye, the IFC provided $530 million in support for micro, small- and medium-sized enterprises, with a focus on women-led businesses in affected provinces. Cheikhrouhou commended the resilience of Türkiye’s private sector, underscoring its role as a critical economic driver. She noted, “The Turkish economy is diversified, and we aim to support sectors that elevate job quality and quantity,” projecting an optimistic outlook as Türkiye adopts macroeconomic policies that enhance stability.