Development and Investment Bank of Türkiye Provides USD 50 Million Loan Facility to the Agriculture and Food Production Sectors
Development and Investment Bank of Türkiye (TKYB), the OPEC Fund for International Development and the Republic of Türkiye Ministry of Treasury and Finance entered into a USD 50 million financing project to support Türkiye’s agriculture and food production sectors.
Under the project, in which the Republic of Türkiye Ministry of Treasury and Finance is the borrower and TKYB is the implementing institution, the loan provided by the OPEC Fund—an international development bank headquartered in Vienna, Austria—aims to finance businesses operating in agriculture and food production across Türkiye. Giving priority to 11 provinces affected by the February 6, 2023 earthquakes, the loan will be used to finance the investment and working-capital needs of businesses operating in Türkiye’s agriculture and food production sectors.
Commenting on the cooperation, TKYB CEO İbrahim Öztop said: “This agreement with the OPEC Fund is of great importance because it is a first both for our Bank and, after many years, for Türkiye, while further reinforcing our mission to support the sustainable development of Türkiye’s agriculture and food production sectors. This meaningful cooperation with the OPEC Fund is not merely a source of financial support for us; it is a valuable step towards increasing our country’s agricultural capacity and food production. Through this facility, we also aim to contribute to the rapid recovery of businesses operating in our earthquake-affected regions.”
Expressing his satisfaction at contributing to Türkiye’s sustainable development objectives, OPEC Fund President Dr Abdulhamid Alkhalifa said: “The agriculture and food sectors make a major contribution to economic activity, employment and trade in Türkiye. We believe the financing provided through TKYB will contribute both to the sector’s long-term sustainability and to helping businesses in earthquake-affected regions recover by addressing their needs. We are ready to take our cooperation with Türkiye further and support the country in achieving its sustainable development objectives.”
Regarding the agreement signed with the OPEC Fund, Kerem Dönmez, Director General of Foreign Economic Relations at the Ministry of Treasury and Finance, said: “Our country continues its efforts to secure external financing on favourable terms from international institutions, government agencies, export-credit agencies and commercial lenders for numerous sectors, including food security. This financing marks our first cooperation with the OPEC Fund. Under the agreement signed between the OPEC Fund and our Ministry on March 21, investment and working-capital financing will be provided for food-security projects implemented by businesses operating in Türkiye, with priority given to earthquake-affected regions.”