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WB to extend $500 mln loan for Turkey
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20:47, December 18, 2008

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The World Bank (WB) will extend a 500 million U.S. dollars loan to Turkey, the semi-official Anatolia news agency reported on Thursday.

In a written statement issued on Wednesday, the WB said the loan aims at supporting the government's efforts to boost employment and economic growth in the country.

Turkish government has been implementing a program to increase the employment rate in the country, introducing a series of laws since the middle of 2007, said the report.

"Turkey's program aims to improve international competitiveness and the conditions for private investment and the creation of jobs, particularly in the former sector," Ulrich Zachau, the WB's country director for Turkey, was quoted as saying, adding that this program gained special importance during the current global economic crisis.

"We are glad to contribute to such efforts," he added.

Zachau stressed that the bank looked forward to a strong partnership with Turkey during the global financial storm.

On Monday, the WB announced that it would extend a 200-million-dollar loan to Turkey as part of their support for the country's small and medium enterprises, which are fragile due to the ongoing economic downturn.

Source: Xinhua

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