Istanbul, 21 January 2019
— IFC, a member of the World Bank Group and TUSIAD (Turkish Industry & Business Association) signed a Memorandum of Understanding in Istanbul, which will allow the institutions to explore new opportunities for cooperation in several themes to promote the development of Turkey’s private sector.
TUSIAD, founded in 1971, is the main non-governmental business organization in Turkey and a member of Business Europe (Confederation of European Business) and the Global Business Coalition- GPC. Approximately 4500 companies represented by TUSIAD members generate over 80% of Turkey trade and corporate tax revenues.
According to the MoU, both TUSIAD and IFC share a common focus in areas of enhancing the investment environment, promoting sustainable development and tackling the climate challenge. Gender, international trade, competitiveness, banking and capital markets, corporate governance, digital economy and transformation are also key priorities.
Bahadir Kaleagasi, TUSIAD’s CEO underlined the association’s priorities, better functioning democracy, rule of law, macro-economic stability, sustainable development goals, digital transformation and social progress and referred to new collaboration with the IFC as “unique opportunity to upgrade the analytical and action capacity of the Turkish business community in view of promoting Turkey’s contribution to global economy”
IFC and TUSIAD will meet on a regular basis to discuss opportunities, including IFC’s participation in working groups and roundtables organized by TUSIAD.
Arnaud Dupoizat, IFC Country Manager for Turkey said: “We are happy to deepen our cooperation with TUSIAD. This will allow us to learn more and explore new opportunities to support Turkey’s private sector, while we can also share IFC’s global knowledge and experience with TUSIAD members”
IFC investments are concentrated in financial markets, energy, renewable energy, and municipal infrastructure. IFC also supports Turkish companies to increase competitiveness and invest outside of Turkey, becoming regional and global.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we 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. For more information, visit