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World Bank’s total financing to Turkey for 2024 hits USD3.7B
(MENAFN) The Turkish Treasury and Finance Minister Mehmet Simsek announced on Monday that, with the World Bank's recent approval of a USD600 million loan, total financing provided by the institution to Türkiye for 2024 is nearing USD3.7 billion. This substantial loan aims to bolster economic sustainability in the earthquake-affected regions by funding the construction of disaster-resistant and low-emission small industrial sites.
Simsek highlighted that the World bank has significantly increased its medium-term support for Türkiye, raising its commitment from USD17 billion to USD35 billion by adding an additional USD18 billion. This boost underscores the World Bank's confidence in Türkiye's economic stability and recovery efforts.
To date, the World Bank has approved approximately USD2 billion in financing for projects specifically targeting earthquake-affected provinces. This financial support is part of a broader strategy to revitalize regional industries and strengthen employment, which are crucial for economic recovery in areas heavily impacted by the recent natural disasters.
Simsek reiterated the importance of this funding in aiding Türkiye's recovery and enhancing the resilience of its regional industries, which were vital to the country's economy before the earthquake. The ongoing cooperation between the Turkish government and the World Bank is focused on revitalizing the affected areas and ensuring sustainable economic development.
Simsek highlighted that the World bank has significantly increased its medium-term support for Türkiye, raising its commitment from USD17 billion to USD35 billion by adding an additional USD18 billion. This boost underscores the World Bank's confidence in Türkiye's economic stability and recovery efforts.
To date, the World Bank has approved approximately USD2 billion in financing for projects specifically targeting earthquake-affected provinces. This financial support is part of a broader strategy to revitalize regional industries and strengthen employment, which are crucial for economic recovery in areas heavily impacted by the recent natural disasters.
Simsek reiterated the importance of this funding in aiding Türkiye's recovery and enhancing the resilience of its regional industries, which were vital to the country's economy before the earthquake. The ongoing cooperation between the Turkish government and the World Bank is focused on revitalizing the affected areas and ensuring sustainable economic development.
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