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Qatar promises $15Billion investment in Turkey — Presidency

Qatar promises $15Billion investment in Turkey — Presidency

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The announcement came after Qatar’s Emir Sheikh Tamim bin Hamad al Thani held lunchtime talks with Turkish President Recep Tayyip Erdogan.

Qatar’s Emir Sheikh Tamim bin Hamad al Thani, Turkish President Recep Tayyip Erdogan, Turkish Finance Minister Berat Albayrak and his Qatari counterpart Ali Sharif al Emadi holding lunchtime talks in Ankara, August 15, 2018.
Qatar’s Emir Sheikh Tamim bin Hamad al Thani, Turkish President Recep Tayyip Erdogan, Turkish Finance Minister Berat Albayrak and his Qatari counterpart Ali Sharif al Emadi holding lunchtime talks in Ankara, August 15, 2018. (AA)

Qatar on Wednesday promised to make a $15 billion investment in Turkey, which has been badly hit by a currency crisis amid a widening diplomatic standoff with the United States, officials said.

“Qatar has pledged $15 billion of direct investments in Turkey,” presidential spokesman Ibrahim Kalin wrote on Twitter.

“Turkish-Qatari relations are based on solid foundations of true friendship and solidarity,” he said.

Ibrahim Kalin

@ikalin1

Qatar has pledged $15 billion of direct investments in Turkey.
Turkish-Qatari relations are based on solid foundations of true frienship and solidarity.

 The announcement came after Qatar’s Emir Sheikh Tamim bin Hamad al Thani held lunchtime talks with Turkish President Recep Tayyip Erdogan.

A presidential source also confirmed Doha’s pledge to “rapidly implement the $15 billion investment package.”

Turkish Finance Minister Berat Albayrak and his Qatari counterpart Ali Sharif al Emadi were also present at the talks in the capital Ankara.

TRT World’s Craig Copetas explains what it means for the Turkish economy.

Turkey and Qatar, a close US ally, have become close economic and political partners in recent times.

Turkey has been rocked in recent days by a sharp decline in the value of its lira after US President Donald Trump tweeted last Friday that Washington was doubling aluminium and steel tariffs for Ankara.

Washington’s move came during an ongoing dispute over Turkey’s holding of an American pastor for two years on charges of military espionage and spying for terror groups.

In response, Erdogan has called for a boycott of US electrical goods while Ankara has sharply hiked tariffs on some US goods.

Source: TRTWorld and agencies