(Bloomberg) -- 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.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsWhy China Is Avoiding Using ‘Bazooka’ to Spur EconomyMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadOpenAI CEO Sam Altman First Person to Get Indonesian Golden VisaThe discussi
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.
The Turkish lira pared its lossets and credit-default swaps fell while the banking index rose as much as 4% on the news. The World Bank expects two-thirds of the $18 billion to go to Turkey’s private sector through direct investment and guarantees, the people said. Some of the funds would be used to provide short-term guarantees for trade finance and support Turkish exporters, they said.The program currently under discussion highlights the World Bank’s support for Turkish policymakers’ efforts to restore macroeconomic stability, according to excerpts from a draft document viewed by Bloomberg.
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