The World Bank is in advanced talks to potentially double its exposure to Turkey to $35 billion to help stabilize the Middle East’s largest non-oil economy, according to people with direct knowledge of the matter.
The discussions include a World Bank pledge of as much as $18 billion for projects over the next three years, in addition to more than $17 billion in programs already in place, the people said, asking not to be named because the talks aren’t public. The funding would include direct lending to the government as well as support for the private sector, the people said.
A deal would mark a vote of confidence in the newly-installed economic administration of Treasury and Finance Minister Mehmet Simsek and central bank Governor Hafize Gaye Erkan. Since they were appointed in June, Turkey has begun to undo years of unconventional, growth-at-all-costs economic policies pushed by President Recep Tayyip Erdogan until his re-election in May.
Some of the newly dispatched funds will likely be allocated to help in reconstruction of areas devastated by two massive earthquakes that struck Turkey’s southeast on Feb. 6, killing more than 50,000 people.
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