IFC invested $1.1B in Turkey in fiscal year 2018

The World Bank’s private-sector arm made $1.1 billion in long-term investments in Turkey during its fiscal year 2018, the International Finance Corporation (IFC) announced on Tuesday.

"IFC’s largest commitments during the last fiscal year were Turkey ($1.1 billion), Romania ($336.4 million), Serbia ($190.5 million), Ukraine ($129.1 million) and Kazakhstan ($111.5 million)," the IFC -- a member of the World Bank Group -- said in a statement.

Turkey is currently the IFC’s second-largest investment destination globally, according to the statement.

It also provided $938 million to Turkish banks under its global trade finance program, broadening access to finance for companies.

The IFC's long-term financing in Turkey focused on supporting the country's development priorities in line with the World Bank Group country partnership strategy.

The IFC is a global development institution focused on the private sector in emerging markets. It works with more than 2,000 businesses globally.

In fiscal year 2018, the IFC delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.