World Bank lends Turkey 931 mln euros to support growth
The World Bank on Wednesday approved 931 million euros of loans for Turkey to support the country's programs to fight financial crisis and achieve growth, Turkey's semi-official Anatolia news agency reported.
The World Bank welcomed the Turkish government's sound medium- term economic program and fiscal plan, its continuous health and social security reform and efforts to improve access to education and job services, said World Bank country director for Turkey Ulrich Zachau, Xinhua reported.
"We look forward to continuing our partnership with Turkey to improve the lives of the Turkish people," Zachau was quoted as saying.
The loan has a final maturity of 19.5 years and includes a grace period of 16 years, said the agency.
Turkey's economy contracted by 3.3 percent year-on-year in the third quarter of 2009, a slower recession than the 7.9 percent slump in the second quarter and a record decline of 14.7 percent in the first quarter.
The government's medium-term economic program forecasts a 3.5 percent annual growth rate for 2010 and 4 percent for 2011.