World Bank channels $2.5B more into nine additional projects in Turkey
The international financial institution said that with the additional approvals of 2020, the active lending portfolio in Turkey rises to $6.7B in support of 21 projects.
A participant stands near a World Bank logo at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
The World Bank has announced that it had expanded its financial support to Turkey, providing a record $2.5 billion to nine development projects.
The global body said that with the additional approvals last year, the active lending portfolio in Turkey totalled $6.7 billion in support of 21 projects.
Along with a series of Knowledge Products, this financial support will contribute to the implementation of Turkey's 11th National Development Plan, as laid out in the Bank's Country Partnership Framework.
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Five development projects were prepared rapidly in backing Turkey in its fight against the pandemic, it noted.
"Going forward with its long-standing partnership with the Country, the World Bank will continue in 2021 to contribute to mobilise financing, knowledge, and global experience help Turkey to strengthen the institutions needed to sustain social and economic progress," said Country Director of World Bank Turkey Auguste Tano Kouame.
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