Islamic Development Bank finalizing 4-year Turkish plan

The Islamic Development Bank (IsDB) Group is working on finalizing a four-year partnership strategy plan with Turkey, according to the bank's director general of country relations and services.

"We aim to invest in various sectors that will fuel growth such as infrastructure, energy, transportation, and education," Walid Abdelwahab told Anadolu Agency, fresh off an exporters and investors summit last week in Turkey's Aegean province of İzmir co-organized by the IsDB Group and Turk Eximbank.

Abdelwahab stated that the last member country partnership strategy for Turkey was successfully implemented and had intensified the bank's support to the country.

"Since inception of the IsDB Group, total financing for the bank in Turkey is $11.2 billion. In the last four years alone, we invested $5.4 billion in many productive sectors, which is 50 percent of the total financing," Abdelwahab said.

He underlined that the strategy plan identifies which sectors require support rather than using a demand basis, thus sharpening the bank's focus.

"We see a lot of hope and optimism," he said.

Abdelwahab said the bank aims to support value chain development in Turkey to enable the country to become more competitive through linking it with global value chains.

He added that the bank appreciates Turkey's "very significant" experience with high-speed railways.

"We are preparing a documentary about Turkey's experience with high-speed railways. We will try to share it with other member countries of the IsDB Group that are interested in this technology," he said.

Abdelwahab stressed that the bank would continue investments in renewable energy through the Development Bank of Turkey and Industrial Development Bank of Turkey.

"Turkey has a very ambitious target of reaching 30 percent of renewable energy by 2023, and we are very supportive of that ambition," he said.

He stated that the IsDB Group has dialogue with state-owned pipeline operator BOTAŞ.

"We are still in early stage of discussion with BOTAŞ. We will look at their investment plan and will see which projects we are able invest in," he said.