As part of the deal, Ankara and the Asian Infrastructure Investment Bank (AIIB) have established their first multi-year framework for cooperation.

Turkey's Ministry of Treasury and Finance and the Asian Infrastructure Investment Bank (AIIB) have signed a significant agreement aimed at enhancing their cooperation.

The Memorandum of Understanding (MoU), finalized on Monday, outlines AIIB's pledge to allocate approximately $5 billion in financing for public projects in Turkey over the next three years, spanning from 2025 to 2027.

This agreement represents the first instance in which Turkey and AIIB have established a multi-year cooperation framework, as highlighted by the Ministry of Finance in a statement.

The funds will be directed towards projects across key sectors, including energy, transportation, the real economy, export financing, and water management, all with a focus on sustainable and environmentally friendly development.

In addition to this, AIIB is also set to provide another $5 billion for future private-sector initiatives. This funding is aimed at diversifying financial resources available to businesses and supporting various infrastructure projects throughout Turkey.

The Ministry of Finance emphasized that Turkey's robust collaborations with international development banks have positioned the country as a sought-after partner for global development initiatives.

By the close of 2024, Turkey’s active portfolio with these international banks is expected to reach $35 billion, underscoring the global confidence in the nation's economic strategies.