The Board of Directors of the World Bank Group decided to extend the current partnership program with Turkey for a period of two years to align it with its eleventh development program for Turkey 2019-2023 and its new economic program that outlines long-term structural reforms to be followed in order to address the country’s development challenges.
Auguste Tano Kouame, Country Director for the World Bank, said that Turkey has the opportunity to bring in higher standards of living for all its residents and enhance its role in the global economy.
He added that the Performance and Learning Review (PLR) details how the World Bank Group aims to work with Turkey to help turn this opportunity into reality.
He also added that the World Bank Group: “It will contribute to mobilizing finance, knowledge and global expertise to help Turkey strengthen the institutions necessary to maintain social and economic progress.”
“The Foundation, as the private sector arm of the World Bank Group, will continue to support Turkish financial institutions, companies and projects to enhance the impact on growth, integration and sustainability,” said Arnaud Dupoizat, Country Director of the International Finance Corporation (IFC).
It is noteworthy that international credit rating agencies raised their expectations regarding the growth of the Turkish economy in 2020, from 3.1 percent to 3.9 percent, while expectations for the next year increased from 3.4 percent to 4 percent.
And the agency “Fitch” international credit rating predicted the growth of the Turkish economy by 3.9 percent during 2020, supported by low interest rates and private consumption, as well as a sharp rise in loans provided by private banks.
Douglas Winslow, director of Fitch’s international credit rating agency, said that the Turkish economy will grow by 3.9 percent during 2020, supported by low interest rates and private consumption, as well as a sharp rise in loans from private banks.