Germany Tightens the Screws on International Funds to Turkey
- Squeeze comes as Turkey faces unprecedented break with West
- EIB says current political developments in Turkey a ‘concern’
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The German government is wielding its influence with international development institutions to restrict financing to Turkey over an escalating political dispute between the two countries, people familiar with the matter said.
Germany is actively working to cut funding to Turkey from the country’s state-owned KfW bank, the European Investment Bank and the European Bank for Reconstruction and Development, according to more than a dozen government and banking officials, who asked not to be identified discussing the behind-the-scenes efforts. Some German commercial banks are also reviewing their exposure to Turkey, the officials said.