Turkish finance minister, AIIB chief outline 2027-2029 financing plan at COP31

Turkish Treasury and Finance Minister Mehmet Simsek met with Asian Infrastructure Investment Bank (AIIB) President Zou Jiayi to finalize the details of the new multi-year investment program for the 2027-2029 period.

The meeting took place on the sidelines of the ongoing 31st UN Climate Change Conference (COP31), hosted by Türkiye in Antalya.

Simsek and Zou assessed the rolling investment pipeline, aligning the bank's financing with Türkiye's structural and economic reform priorities.

The minister stated that this new era of cooperation will focus on investments in railways and connectivity, green transformation, renewable energy, electrification, digital transformation, including 5G connectivity, fiber-optic infrastructure and data centers, as well as climate-resilient agricultural practices, health technologies and the high-value-added industrial sector.

Zou stated that the AIIB also shares these priorities, especially in railway investments, specifically in the Middle Corridor and regional networks, which would enhance connectivity between Asia and Europe.

She added that the bank prioritizes investments in renewable energy, agricultural irrigation and digital infrastructure, praising Türkiye's successful economic program that drives the AIIB's expanding local project portfolio.

Beijing-based AIIB operates with a capital base of $100 billion and 111 member nations, having approved $78.1 billion in investments across 396 projects as of September this year.

Türkiye is its 10th-largest shareholder among 57 founding members, with a 2.5% voting share and a $2.6 billion commitment.

The bank approved a total of $9.4 billion in financing for 45 projects nationwide, making the country its second-largest recipient of approved funds after India.

Türkiye maintains an active project portfolio of $6.2 billion, accounting for 15.3% of the AIIB's global portfolio, ranking Türkiye second worldwide.

The new multi-year investment pipeline involves both state-guaranteed and non-guaranteed private sector projects, focusing heavily on infrastructure developments, such as the $1.5 billion Istanbul Northern Railway Crossing (INRAIL), the $415 million TCDD (State Railways) Railway Modernization, the $156.1 million Antalya-Alanya Highway, a $500 million climate resilience water project and the $800 million Istanbul Seismic Risk Reduction initiative.