World Bank Launches New Lending Strategy For Turkey

The World Bank on Tuesday launched a new lending strategy for Turkey, providing up to US$4.45 billion over the next four years.

The plan for 2012-2015 also provides for about $US2 billion for financing of private sector investments by the International Finance Corporation, the World Bank said in a statement.

The goal of the strategy is to support Turkey in its ambition to become one of the ten largest economies in the world by 2023 through fast, sustained and inclusive growth that respects the environment, the Bank said.

“Turkey has the opportunity to build on a decade of success to bring high standards of living to all of its population and further increase the country’s role in the global economy,” World Bank Country Director for Turkey Martin Raiser said.

“The new Country Partnership Strategy aims to work with Turkey to realize this opportunity.”

With a gross domestic product of US$735 billion, Turkey is the 16th largest economy in the world.

The World Bank said Turkey faced significant economic risks going forward, including spillover from the European debt crisis. The country’s large current account deficit and the composition of its financing remained critical concerns, Reuters reported.