Turkiye firms undertake over $85bn projects in Africa

A view of the Central Bank of the Republic of Turkiye (CBRT) building in Ankara, Turkiye on July 27, 2023 [Mustafa Çiftçi – Anadolu Agency]

Turkish companies have undertaken tens of billions of dollars’ worth of infrastructure projects in Africa, creating hundreds of thousands of jobs, Daily Sabah reports.

According to the report, the contracting firms completed 1,864 projects across Africa worth $85.4 billion (TL 2.57 trillion) as of the end of 2023, according to data from the Foreign Economic Relations Board of Turkiye (DEIK).

Turkish companies’ investments across the continent exceed $10 billion, and their firms employ more than 100,000 Africans, the report added.

The diplomatic push has seen Turkiye’s trade volume with Africa surge to nearly $41 billion as of the end of 2022, from as low as $5.4 billion in 2003.

The figure is projected to hit $50 billion in 2023.

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