World Bank loaning Turkey $500m to stimulate business
by AA
ANKARAAug 22, 2014 - 12:00 am GMT+3
by AA
Aug 22, 2014 12:00 am
Turkey's treasury announced on Friday that $500 million of funding is to be provided by the World Bank to stimulate the businesses climate.
The loan will be paid back over 15 years and used to enhance transparency, boost labor force participation, widen access to finance and deepen infrastructure reforms.
The Treasury also announced $250 million of separate funding from the World Bank to Turkey's Industrial Development Bank, to increase investment in small and medium enterprises and export-oriented businesses.
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