Qatar pledges $15bn 'direct investment' in Turkey

Sheik Tamim bin Hamed Al Thani, the Emir of Qatar, made the pledge in a meeting with Turkish President Recep Tayyip Erodgan on Wednesday, Turkish news site NTV reported.

The Turkish lira climbed 5% against the dollar, hitting TL 6.0287 and up 5.5% versus the euro to TL 6.8156.

The Emir said Qatar would pour $15bn "in direct investments in Turkey", Turkish officials said, with the money said to be "channeled into Turkey’s financial markets and banks".

Erdogan and the Emir reportedly “demonstrated a strong desire for strengthening across-the-board cooperation between Turkey and Qatar”.

Mohamed El-Erian, chief economic adviser at Allianz, said on Twitter the Qatari invest was "part of the Turkish government's strategy to avoid the IMF by finding alternative external support...To be a sustainable stabilizer, funding needs to be larger and reach the central bank."