Qatar promises $15B investment in Turkey — presidency

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.

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

Tweeting later on Wednesday, al Thani also announced the investment: "We are together with Turkey and our brothers there, who stand by Qatar and problems of the Ummah."

Al Thani said they have announced an investment project package worth $15 billion in Turkey which has a "productive, strong and solid economy".

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.

TRT World's Mobin Nasir explains Turkey's measures to deal with the pressure on its economy.