The World Bank Group has approved a $750 million financing package for the Türkiye Agrifood Sector Transformation for Rural Jobs and Growth (TARGET) Project to expand access to finance for farmers, agrifood enterprises and producer organizations in Türkiye while boosting competitiveness and creating higher-paying jobs.
TARGET is expected to benefit approximately 225,000 farmers, generate an estimated 110,000 more and better-paid jobs across Türkiye’s agrifood economy and $670 million in private capital, demonstrating the World Bank Group’s commitment to leveraging public resources to attract greater private sector investment into sustainable development, the bank said in a statement.
Commenting on the new financing package, Treasury and Finance Minister Mehmet Şimşek said cooperation with the World Bank in areas that would strengthen Türkiye’s production ecosystem would continue.
“Our efforts to secure long-term external financing on favorable terms within the framework of the Medium-Term Program continue unabated, in line with our economic program that prioritizes sustainable growth and social welfare,” Şimşek said.
“With this loan, we will continue to provide strong support for agriculture and rural development,” he added.
“Türkiye has enormous potential to further strengthen the competitiveness and sustainability of its agrifood sector,” said Jean-Christophe Carret, the World Bank country director for Türkiye.
“By mobilizing private capital alongside public resources, the project will support rural jobs, improve productivity, and help position Türkiye as an even stronger player in regional and global agrifood markets,” Carret said.
