World Bank approves €931 mln-loan for Turkey

The World Bank approved on Wednesday 931 million Euro of loan for Turkey for equitable growth.

World Bank approves €931 mln-loan for Turkey

The World Bank approved on Wednesday 931 million Euro of loan for Turkey for equitable growth.

A World Bank statement said the World Bank Board of Executive directors approved a Restoring Equitable Growth and Employment Programmatic Development Policy Loan (REGE-DPL) for Turkey in the amount of 931 million Euro (equivalent 1.3 billion USD).

"With the REGE DPL, the World Bank supports Turkey's program of financial crisis response and continuing reforms for shared medium-term growth," the statement said.

The statement said programs and actions taken by the Turkish government in 2009 and 2010 had helped reduce the impact of the global financial turmoil and economic downturn in Turkey and facilitated the transition to renewed medium-term economic growth with shared benefits for the Turkish people.

Such programs and actions ranged from sound fiscal macroeconomic policies to measures that supported small and medium-sized firms, helped maintain and expand credit, and address unemployment, the statement said.

"They also include continuing critical reforms essential for Turkey's long-term economic competitiveness and growth, such as the ongoing implementation of health, social security, and public financial management reforms, and improvements in the investment climate," the statement said.

The statement also said, "today, economic growth is resuming in Turkey and unemployment has begun declining, although it will remain a key challenge over the medium term."

Also, Ulrich Zachau, the country director of the World Bank for Turkey, said, "we are pleased to support the (Turkish) government's policies and program to promote equitable growth and employment, as Turkey emerges from the impact of the global financial crisis and returns to renewed growth this year."

Zachau said the bank especially welcomed the government's sound medium-term program and fiscal plan, the continued implementation of Turkey's path-breaking health and social security reform, and the strengthening of programs to improve access to education and training and job services.

"We look forward to continuing our partnership with Turkey to improve the lives of the Turkish people," Zachau also said.

The REGE-DPL is a variable-spread Euro-denominated loan, with a final maturity of 19.5 years, including a grace period of 16 years.


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Güncelleme Tarihi: 24 Mart 2010, 13:58

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