TKYB provides $50 million in financing for agriculture and food production

Turkey Development and Investment Bank (TKYB), OPEC Fund (OPEC Fund for International Development) and the Ministry of Treasury and Finance of the Republic of Turkey signed a financing project worth USD 50 million to support Turkey's agriculture and food production sectors. In the project where the Ministry of Treasury and Finance of the Republic of Turkey acts as the borrower and TKYB serves as the implementing organization, the credit provided by OPEC Fund, an international development bank based in Vienna, Austria, aims to provide financing to enterprises operating in the agriculture and food production sectors throughout Turkey. The credit is being used to finance the investment and working capital needs of enterprises operating in the agriculture and food production sectors in Turkey, prioritizing 11 provinces affected by the earthquake that occurred on 6 February 2023. In his assessment of the cooperation realized, General Director of Turkey Development and Investment Bank İbrahim Öztop stated, "This agreement we signed with OPEC Fund is of great importance both for our Bank and for Turkey as it represents a first in many years, while further strengthening our mission to support the sustainable development process in Turkey's agriculture and food production sectors. We view this meaningful cooperation we have established with OPEC Fund not merely as financial support, but as a valuable step taken toward increasing our country's agricultural capacity and food production. Through this occasion, we also aim to contribute to the rapid recovery of enterprises operating in the regions affected by the earthquake," he said. OPEC Fund President Dr. Abdulhamid Alkhalifa stated: "The agriculture and food sectors make substantial contributions to economic activity, employment and trade in Turkey. We believe that the financing we provide through TKYB will contribute to the long-term sustainability of the sector and support enterprises in earthquake-affected regions in meeting their needs and standing back up. We are ready to advance our cooperation with Turkey further and to support it in achieving sustainable development objectives," he said. Within the scope of this agreement signed with OPEC Fund, General Director of External Economic Relations at the Ministry of Treasury and Finance Kerem Dönmez explained, "We continue our efforts to secure favorable-term external financing from international organizations, governments, export credit agencies and commercial creditors for many sectors, including the food security sector. With this financing, we have realized our first cooperation with OPEC Fund. Through this agreement signed on 21 March between OPEC Fund and our Ministry, we will provide investment and working capital financing for food security projects of enterprises operating in Turkey and primarily in earthquake-affected regions."