World Bank delivered record levels of support for Turkey last year
- 03 February 2021
In 2020, the World Bank delivered record levels of support for Turkey with financing extended to nine critical development projects that totaled US$ 2.5 Billion, APA-Economics reports citing World Bank.
This financial support, coupled with a series of Knowledge Products, contributes to the implementation of Turkey’s 11th National Development Plan, as laid out in the World Bank Group’s Country Partnership Framework (FY17-23). With the new lending approvals in 2020, the active lending portfolio in Turkey reached US$ 6.7 billion in support of 21 projects.
Due to the unexpected COVID-19 pandemic in 2020 and the urgency of addressing the huge impacts of this crisis, the World Bank Group responded at a global level by putting together one of the largest sources of funding and knowledge to support developing countries to take broad and fast action in their pandemic response. It has made available $160 billion to help countries strengthen public health interventions, protect the poor and vulnerable, support businesses, and bolster economic recovery.
In Turkey, the Bank applied a rapid, flexible and strategic approach to support Turkey`s emergency response crisis.