World Bank to finance state projects
ISTANBUL-Hürriyet Daily News
Martin Raiser of the World Bank says Turkey is in the high income status.The World Bank has agreed to provide $4.45 billion in financing for Turkish government programs from 2012 to 2015 as part of its new Country Partnership Strategy (CPS).
The CPS is organized around three core objectives, which are enhanced competitiveness and employment, improved equity and public services and deepened sustainable development. As part of these three thematic areas, the World Bank will facilitate increased employment especially for women and youth, gender equity, a stable health system, improved public services, improved supply of reliable and efficient energy, increased use of renewable energy and implementation of climate action as well as an improved investment and business climate with broadened access to finance.
In addition the World Bank will also provide for the financing of private sector investments in Turkey through the International Finance Corporation (IFC), which will be in the range of $1.7 billion to $2 billion for the CPS period and for guarantees against non-commercial risks from the Multilateral Investment Guarantee Agency (MIGA). IFC and MIGA are members of the World Bank Group, according to the World Bank press release.
The strategy serves as the business plan of the World Bank Group in support of Turkey’s own development and reform agenda as outlined in the government’s Ninth Development Plan and the 2012-2014 Medium-Term Program.
“As Turkey has entered high income status, our partnership needs to constantly evolve to ensure Turkey gets the best out of the combination of competitive financing, cutting-edge knowledge and global experience,” said Martin Raiser, the World Bank country director for Turkey.
The IFC own-account investment program in Turkey is expected to remain in the range of $425 million to $500 million a year.