World Bank channels $2.5B into projects in Turkey

By Aysu Bicer

ANKARA (AA) - The World Bank announced on Wednesday 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 totaled $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.

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 mobilize 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.