Turkey, World Bank to focus on sustainable growth

Published 31.08.2017 22:23

Turkey and the World Bank Group have renewed their partnership with the introduction of a new country partnership framework (CPF), endorsed Thursday by the group's board of executive directors. The CPG covers 2017 to 2071 and focuses on the three core areas of growth, inclusion and sustainability.The CPF serves as a business plan for the World Bank Group to support Ankara's own development and reform agenda outlined in the recently released 10 Development Plan for 2014-2018, the World Bank said in a release. It aims to support the government in achieving more rapid growth that is both inclusive and environmentally sustainable, allowing Turkey to escape the middle income trap and become a high-income country.

In order to facilitate boosting growth, the CPF supports government efforts to address challenges in fiscal management, the financial sector, competitiveness and private investment through increased fiscal space, enhanced access to finance for underserved segments and enhanced competitiveness and employment in selected industries.Acknowledging Turkey's success toward achieving the twin goals of reducing poverty and boosting shared prosperity, the CPF aims to promote inclusion by supporting efforts to reach those left behind through increased effectiveness of social assistance, increased labor force participation of women and vulnerable groups and strengthened performance of education and health.

The framework also highlights sustainability by helping to re-orient growth toward a greener, resilient and sustainable pattern through improved reliability of energy supply and generation of green energy, improved sustainability and resilience of cities and increased sustainability of infrastructure assets and natural capital.Assessing the new cooperation framework, World Bank Country Director for Turkey Johannes Zutt said: "Turkey has the opportunity to build on recent success to bring higher standards of living to all of its population and to enhance its role in the global economy. The new CPF aims to work with Turkey to turn this opportunity into a reality." Zutt also stressed that while Turkey is approaching high income status, the partnership between Turkey and the World Bank Group needs to evolve to ensure that the group's financing, knowledge and global experience help the country to strengthen the institutions needed to sustain social and economic development at higher levels.

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