Turkey saw strong demand in its return to the international bond market on Wednesday, with $2 billion of international bonds and received $6 billion in investor demand, a sign of growing investor confidence in Turkey's economy.
The high demand for Turkish bonds is a sign of confidence in the Turkish economy, Treasury and Finance Minister Berat Albayrak said Wednesday.
"[The demand] is a demonstration of the international markets' confidence in Turkey. The measures we have taken and the New Economic Program (NEP) received a strong (positive) response from global financial circles," Albayrak said.
He added that the demand also confirms the robustness of Turkey's economic basis and resilience to external shocks.
Meanwhile, Turkish Lira hit almost its strongest rate against the dollar in more than two months, recording its firmest since August with 5.66 against the US dollar.
The Turkish lira has lost more than 40 percent of its value since the beginning of this year on concerns that investors are under control by Turkish President Recep Tayyip Erdogan over economic decisions, as well as the severe tension with the United States that has led to trade sanctions following the trial of US Rev. Andrew Branson in Turkey on charges of supporting terrorist organizations.
In other news, Turkey has completed many projects in the transportation sector worth about $26 billion. Transport and Infrastructure Minister Cahit Turhan explained that the projects were completed through the method of build, operate, and transfer of ownership, (BOT) pointing out that this method led to savings in the budget of the public sector.
In an interview with Anadolu Agency on Wednesday, Turhan noted that the upcoming phase will see the bidding of many mega projects that will be implemented in the manner of “BOT of ownership.”
One of the most prominent projects planned is three-story Grand Istanbul Tunnel Project and the Istanbul Canal, described by President Erdogan as “crazy projects.”
He indicated that the government implemented and continue to execute many projects aimed at improving and developing safer infrastructure in Turkey, and provide transport services at a fair cost and high quality.
The Turkish minister said that the large projects currently being completed will transform the country into a transportation hub, in which all means of transport interconnect, saving time and efforts.
According to Turhan, the new Istanbul airport project is at the forefront of BOT projects, adding that its first phase will begin operating on October 29.
The Minister denied recent reports that the turmoil suffered by the Turkish economy in the recent period will lead to suspension, delay, or halting investments.
