The World Bank has granted funding of 1.5 billion US dollars (12 billion TL) for five critical development projects in Turkey in fiscal year 2021, the bank said on Thursday.
Recalling the country’s efforts to recover from the effects of COVID-19, the bank said the financial assistance contributed to the implementation of Turkey’s 11th National Development Plan under the bank’s country partnership framework.
With the new loan approvals in 2021, the active loan portfolio in Turkey has reached just over $ 7 billion for 23 projects, the bank stressed.
The World Bank is helping Turkey limit the damage from the pandemic while driving progress towards long-term development needs, said Auguste Kouame, World Bank country director for Turkey.
“Our programs are helping to keep jobs, the private sector, resilience to climate change and other development priorities in the last financial year (June 30),” said Kouame.
Kouame announced the World Bank’s agenda for fiscal year 2021, pledging that the bank will seek to assist the people of Turkey in the face of COVID-19 and the refugee crisis, while contributing to Turkey’s long-term development ambitions and its severe climate change agenda.
“We look forward to building on this success at the start of a new fiscal year,” he added.