World Bank approves a EUR 342.8 million loan
17 December 2008
The World Bank approved a EUR 342.8 million loan for Turkey, Anatolia news agency reports.
The World Bank Board of Executive Directors approved a second Competitiveness and Employment Sector Development Policy Loan (CEDPL 2) for Turkey in the amount of EUR 342.8 million, a bank statement said.
The CEDPL series of loans supports the Turkish Government's program of legal, institutional, and structural reforms aimed at promoting growth and job creation. The second operation in the series, CEDPL 2 supports policies implemented since mid-2007 in three broad areas including the investment climate, the financial sector, and employment and skills.
The investment climate includes the new research and development law, the reform of customs administration, the amendment of the Land Registry Law and the further advancement of privatization. The CEDPL 2 is a fixed-spread Euro-denominated loan, with a final maturity of 23.5 years, including a grace period of 12 years.
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