OPEC fund allocates USD50M loan to Turkey to revive agriculture, food sectors

(MENAFN) In a significant move to bolster Turkey's agricultural and food production sectors, the OPEC Fund for International Development (OPEC Fund) has agreed to extend a loan worth $50 million. The funding aims to provide crucial support to enhance the resilience of long-term food value chains and assist in the recovery efforts of 11 cities impacted by last year's February earthquake.

Abdul Hamid Al-Khalifa, the Director General of the OPEC Fund, underscored the importance of the agricultural sector as a key driver of economic activity, employment, and trade in Turkey. He emphasized the Fund's commitment to expanding cooperation with Turkey and contributing to the nation's sustainable development goals.

The loan provided by the OPEC Fund will play a vital role in fortifying the agricultural sector's long-term sustainability by offering essential financing. Moreover, it will extend support to agricultural businesses, with a particular focus on regions affected by the earthquake. Additionally, the funds will be earmarked for re-lending to small and medium-sized enterprises, equipping them with the necessary resources to withstand future shocks, including those stemming from natural disasters and climate change.

The statement issued by the OPEC Fund headquarters in Vienna outlined the key areas where the loan will make an impact. These include initiatives aimed at improving supply chain infrastructure, enhancing productivity, and expanding market access for agricultural products. By addressing these critical aspects, the loan seeks to not only facilitate recovery efforts in earthquake-affected regions but also to foster overall resilience and growth in Turkey's agricultural and food sectors.

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