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Türkiye and the European Investment Bank (EIB) signed a declaration of intent on Friday to resume financial cooperation, including €200 million ($236.47 million) in new loans.
The move represents a renewed phase in Türkiye-EU economic relations, as one of its leading financial partners, the EIB, returns to the country after halting new lending in 2019 as part of European Commission measures over offshore drilling near Northern Cyprus, excluding €400 million approved after the 2023 earthquakes.
Under the letter of intent signed by Treasury and Finance Minister Mehmet Simsek and EU Enlargement Commissioner Marta Kos in Ankara, the EIB will provide €100 million each to Turk Eximbank, Türkiye’s official export credit agency, and the Development and Investment Bank of Türkiye (TKYB), a state-owned institution focused on sustainable development financing.
The funds will support green transformation and infrastructure resilience projects, including investments in renewable energy, energy efficiency, low-carbon technologies, and the modernization of critical infrastructure to enhance environmental sustainability and climate adaptability.
Minister Simsek described Kos’s visit as a "clear sign" of the determination to rebuild trust and strengthen ties between Türkiye and the EU. "Full EU membership remains our strategic goal," Simsek said, characterizing the European Union as both an economic and political partner.
Simsek argued that Türkiye and the EU must renew cooperation not by choice but by necessity. He highlighted shared challenges such as energy security, digital transformation, and climate change, and called for "bold and mutually beneficial steps toward deeper integration."
Kos echoed this view during a joint press conference, calling the memorandum of understanding a "symbolically important" step. "What separates Türkiye and the EU is far less than what connects us," she said.
While Türkiye is the EU’s fifth-largest trading partner with a trade volume of $232.7 billion, Simsek stressed that the existing Customs Union framework is outdated, failing to cover trade in services, public procurement, or agricultural goods. He urged Brussels to prioritize modernization efforts, arguing that the EU’s ongoing trade outreach to Latin America and India should not come at the expense of deeper integration with Türkiye.
Kos responded by acknowledging the economic interdependence between the two sides. "Our economies are deeply intertwined," she said, adding that the EIB’s renewed activity was a tangible example of the EU’s commitment.
Kos also pointed to broader regional goals, stating that the EU supports trade connectivity between Türkiye, the South Caucasus, and Central Asia. She framed this agenda as part of a "win-win" strategy to unlock new economic opportunities and rebuild confidence between Brussels and Ankara.
Looking ahead, Kos said Türkiye’s ministries are working to identify priority investment projects that could receive future EIB support. "Whatever we do, we do not do it just to do something," she said. "We do it because we both believe that people in Türkiye and across Europe should benefit from what we build together."
The EIB has been providing finance and expertise for sustainable investment projects in Türkiye since 1965, supporting 263 projects with a total of €30.86 billion in funding over its lifetime, according to the bank’s website.
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