Turkey will soon receive an initial $10 billion deposit from Saudi Arabia in Turkish bonds and accounts.
Saudi Arabia will invest an initial $10 billion in Turkish treasury bonds and accounts, Turkish newspaper Dunya reported, citing finance ministry sources. Turkey is expecting a $20 billion deposit from Saudi Arabia to replenish its foreign exchange reserves.
One Turkish finance ministry source told Middle East Eye that technical talks are underway to receive $20 billion from Saudi Arabia.
In June, Saudi Crown Prince Mohammed bin Salman met with President Recep Tayyip Erdogan in Turkey after Ankara dropped a court case over the murder of Saudi journalist Jamal Khashoggi.
Following the Crown Prince's visit, both Turkey and Saudi Arabia decided to deepen trade, energy and defense ties, including political and regional cooperation and consultations.
Earlier this month, Turkish Finance Minister Nureddin Nebati said Turkey would need between $30 billion and $35 billion to finance its current account deficit.
Russian state company Rosatom has agreed to give Turkey $15 billion to build the $20 billion Akkuyu nuclear power plant, Bloomberg reported earlier this month, citing officials who said the initial $5 billion had already been received.
Rosatom has also applied for a $6.1 billion credit line for the construction of Akkuyu, temporarily placing the funds in Turkish treasury bonds and accounts.