IBRD provides 7.6-bln-dollar financing to Turkey: report

14:21, July 23, 2011      

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International Bank for Reconstruction and Development (IBRD) of the World Bank Group has provided financing of 7.6 billion U.S. dollars to Turkey within the scope of the Country Partnership Strategy (CPS) in the period between 2008 and 2011, the semiofficial Anatolia news agency reported on Friday.

World Bank President Robert Zoellick was quoted as saying earlier, "Turkey is our second largest country for loans outstanding. So, we've already got a substantial investment through the World Bank in Turkey. Over the past few years we've lent about 7.6 billion U.S. dollars to Turkey to help it deal with the growth strategy."

"In addition, our private sector arm, the International Finance Corporation (IFC), has about 2.6 billion U.S. dollars of commitments in Turkey, of which about 2.3 billion U.S. dollars are outstanding and, IFC has a regional hub based in Istanbul that employs over 150 people that enables us to provide private financial services throughout the region, extending into North Africa and Central Asia."

Turkey has been a member of the World Bank Group since 1947 and is IBRD's second-largest client by loans outstanding. CPS for FY08- 11 included IBRD financing of 7.6 billion U.S. dollars, and IBRD's portfolio includes net commitments of 5.4 billion U.S. dollars. Turkey is IFC's 4th largest exposure and the committed portfolio accounts for 2.6 billion U.S. dollars.

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