Turkey signs $353M World Bank loan for job creation
The Development and Investment Bank of Turkey announced Tuesday it signed a deal with the World Bank to enhance conditions for formal job creation in Turkey.
The World Bank provided €316 million ($353 million) loan to the Turkish bank that will help refugees and Turkish citizens in accessing formal employment opportunities in creditworthy enterprises in provinces with a high number of Syrian refugees.
"It will offer beneficiary firms in project provinces a greater access to financial resources and skills to enhance their capacity to expand business," according to the World Bank project report.
"As the World Bank, we are extremely pleased to support the project that will contribute to Turkey's economy," said World Bank country editor for Turkey Auguste Tano Kouame.
General Director of the Development and Investment Bank of Turkey Ibrahim Oztop noted the importance of resources to increase employment during the current period of world economic challenges for sustainable economic growth.
He said the loan will be made available to large enterprises and small and medium-sized enterprises through intermediary financial institutions.