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OPEC Fund’s $50 million support for Türkiye’s agriculture sector

The loan will be used to finance the investment and working capital needs of enterprises operating in the agriculture and food production sectors in Türkiye, with priority given to enterprises in 11 provinces affected by the earthquake on February 6, 2023.

The Development and Investment Bank of Türkiye (TKYB), the OPEC Fund for International Development (OPEC Fund) and the Ministry of Treasury and Finance signed a $50 million financing project to support Türkiye’s agriculture and food production sectors.

According to TKYB, the loan provided by OPEC Fund, an international development bank based in Vienna, Austria, aims to provide financing to enterprises operating in the field of agriculture and food production throughout Türkiye in the project, in which the Ministry of Treasury and Finance is the borrower and TKYB is the implementing organization.

İbrahim Öztop, General Manager of TKYB, said: “This agreement we have signed with OPEC Fund is of great importance both for our Bank and for Türkiye as it is a first for Türkiye after many years, and further reinforces our mission to support the sustainable development process in Türkiye’s agriculture and food production sectors. We see this meaningful cooperation with OPEC Fund not only as a financial support but also as a valuable step towards increasing Türkiye’s agricultural capacity and food production. On this occasion, we also aim to contribute to the rapid recovery of businesses operating in our earthquake-affected regions.”

OPEC Fund President Dr. Abdulhamid Alkhalifa expressed his happiness to contribute to Türkiye’s sustainable development goals.

Alkhalifa stated that the agriculture and food sectors make great contributions to economic mobility, employment and trade in Türkiye and said, “We believe that this financing we provide through TKYB will both contribute to the long-term sustainability of the sector and support the businesses in the earthquake-affected regions to get back on their feet by meeting their needs. We are ready to further our cooperation with Türkiye and support it in achieving its sustainable development goals.”

Kerem Dönmez, Director General of Foreign Economic Relations at the Ministry of Treasury and Finance, said “We continue to work on providing favorable external financing for many sectors, including the food security sector, from international organizations, governments, export credit agencies and commercial lenders. With this agreement signed between OPEC Fund and our Ministry on March 21, we will provide investment and working capital financing for food safety projects of enterprises operating in Türkiye and primarily in earthquake-affected regions.”