News about Turkiye

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Turkey gets $100m to support quake-hit agriculture sector

Turkey has secured $100 million from the Jeddah-based Islamic Development Bank to support its agricultural industry, which was impacted by last year’s earthquakes.

The International Islamic Trade Finance Corporation (ITFC), a member of the development bank, has provided funding to the Development and Investment Bank of Türkiye (TKYB).

The funding, guaranteed by the Ministry of Treasury and Finance, aims to enhance and build an efficient supply chain disrupted by climate change and earthquakes.

It will also meet the working capital needs of businesses operating in the agricultural and food sectors.

TKYB has secured international funding to support renewable energy, food security, employment, and infrastructure and combat climate change.

According to its website, the ITFC has provided $69 billion of financing to OIC member countries.

Agriculture’s contribution to the Turkish economy has been declining since the turn of the century. It fell from 9.5 percent of GDP 20 years ago to 6 percent in 2023, according to state statistics agency Turkstat.

In late July, agricultural authorities in the Seyhan region of the southern province of Adana issued a circular warning that farmers in some districts should not plant autumn crops because of dwindling reserves, as no water could be released for irrigation.

In May, Ankara launched a $400 million project with the World Bank to protect the country from wildfires.

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