World Bank to fund modernization of Turkey's irrigation
ISTANBUL – Anadolu Agency
The bank approved the funds - a $252 million loan plus $2 million in grants - for the project, which will modernize irrigation infrastructure, the bank announced on Jan. 22.
The project will provide farmers better access to water, the bank said.
The bank stressed that the project was started by Turkey's Treasury and Finance Ministry and State Waterworks.
As part of the modernization, irrigation systems will be rebuilt and improved in selected areas with $249 million, the bank stressed.
Meanwhile, another $5 million will be used for innovation, institutional support, and project management, it added.
"The project is funded through an IBRD [International Bank for Reconstruction and Development] Investment Project Financing (IPF) instrument, with a 10.5-year repayment period, including a five-year grace period," the bank underlined.