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Turkey : WORLD BANK sanctions $500mln development loan for TURKEY

July 31, 2014

The World Bank s board of executive directors have approved a $500 million sustaining shared growth development policy loan for Turkey.

According to the bank, the loan is the first of two development policy loans, which is grounded in the development of goals for Turkey.

The loans are aiming at supporting Turkey s goal of continued socially and environmentally sustainable growth that it sees as key to fostering shared prosperity. The loan is an IBRD flexible loan with an interest rate equal to six months EURIBOR term, plus a variable spread. It has a final maturity of 15.5 years, including an 8.5-year grace period.

World Bank Country Director for Turkey Martin Raiser commented Turkey s growth record over the past decade has been inclusive. However, these gains are at risk in a less accommodating international environment. With this DPL, the World Bank supports structural reforms that aim to ensure Turkey s success in raising incomes, creating jobs, and building sustainable infrastructure continues.

The loans will help for enhancing competitiveness and improving transparency; sustaining job creation and boosting female employment; increasing financial inclusion; and creating a regulatory framework to attract long-term, quality investment in Turkey s infrastructure.

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Source: TendersInfo (India)

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