Türkiye and Islamic Development Bank Sign Trade and Investment Pact

Türkiye's Foreign Trade Undersecretary Tuncer Kayalar announced Wednesday that Türkiye had concluded a memorandum of understanding (MoU) with Islamic Development Bank President Ahmad Mohammad Ali, aimed at expanding trade ties with Africa and strengthening investment relations.

Kayalar noted that Türkiye has long maintained close ties with the bank, ranking third among countries that have drawn on its resources. Since the bank's establishment in 1976, approved loans for projects in Türkiye have totaled 3.7 billion USD.

A separate lending program introduced in 1987 capped Türkiye's borrowing at 178 million USD. The new MoU is intended to give Türkiye broader access to the bank's current programs and open the door to collaborative projects.

Kayalar added that the agreement is expected to strengthen Türkiye's commercial and economic engagement with African nations.

Historical summary. TurkishPress restated this wire report, first published in May 2006, in its own words.