Turkey to get up to $10 bln funding from Qatar - report

Turkey and Qatar are in the final stages of negotiations for up to $10 billion in funding for Ankara, Reuters reported citing senior Turkish officials.

$3 billion of the funding could be deposited by the end of this year, Reuters said.

Turkish and Qatari leaders had already discussed the issue in detail and the total funding could take the form of a swap, eurobond or other method, according to sources.

Turkey's central bank already made a swap deal with Qatar's central bank that was originally worth $5 billion but was tripled in 2020 to $15 billion.

"Talks for Qatar to provide new resources to Turkey have reached the final stage. A minimum amount of $8 billion is foreseen" but it could total as much as $10 billion, the first official speaking to Reuters said.

"Resources will be obtained, with $2-3 billion by the end of this year (and) the rest to come next year. This could be a swap or eurobond but they are discussing several methods. There is a mutual agreement," the person added.

The second Turkish official said the talks for $2-3 billion funding for this year were focused on the eurobond.

Qatar has strong ties with Turkey, which supported Doha when Saudi Arabia, the United Arab Emirates and two other Arab states imposed an embargo on Qatar in 2017 in a row that was resolved early last year.

Erdogan was in Qatar for the opening game of the soccer World Cup on Sunday, while Turkish Finance Minister Nureddin Nebati met his Qatari counterpart Ali bin Ahmed al-Kuwari last month.

Ankara’s total currency swap deals with the United Arab Emirates, China, Qatar and South Korea amount to $28 billion and bankers calculate around $23-24 billion are already in the Turkish central bank's reserves.

Turkey is also in the final stage of talks with Saudi Arabia on Riyadh placing a $5 billion deposit at the Turkish Central Bank, a Saudi finance ministry spokesman said on Tuesday. Turkey's central bank has declined to comment on the matter.