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The 5-year "economic cooperation" between the World Bank and Turkey entered into force
Minister of Treasury and Finance Mehmet Şimşek stated that a financial cooperation program for the next 5-year period has been created within the scope of the strong cooperation with the World Bank and said, "The Country Cooperation Framework Program, in which the World Bank will provide an additional 18 billion dollars of financing to our country in the first 3 years, was discussed at the Board of Executive Directors of the Bank and put into effect." entry." said.
Şimşek made an evaluation to the AA correspondent about the cooperation efforts carried out with the World Bank.
Reminding that 1.5 billion dollars of financing was recently obtained from the World Bank for 3 separate projects, Şimşek said that this resource will be used to ensure Turkey's energy supply security and to support the green transformation process of businesses.
Şimşek pointed out that an important program has been signed with the World Bank, which forms the basis of financial and technical cooperation in the period covering the 2024-2028 fiscal years, and said, "Within the scope of our strong cooperation with the World Bank, a financial cooperation program for the next 5-year period has been created. The first three of the World Bank The Country Partnership Framework (CPF) Program, which will provide an additional 18 billion dollars of financing to our country within the year, was discussed at the Bank's Board of Executive Directors and entered into force." he said.
"Türkiye ranks 3rd in loans with favorable terms"
Şimşek reminded that the World Bank, after the announcement of the Medium Term Program, decided to increase the amount of resources it transferred to Turkey to 35 billion dollars by adding another 18 billion dollars to the ongoing 17 billion dollar program. Stating that Turkey ranks 3rd in the world and first in its region among the countries that use loans with favorable conditions from the Bank, Şimşek also shared the details of the new program.
Minister Şimşek stated that the program, prepared in line with Turkey's 12th Development Plan priorities, will focus on the areas of high and sustainable productivity increase, inclusive services and strengthening employment and resilience, and stated that these topics reveal areas of cooperation that can be developed with the World Bank.
"Support will be provided in many areas, from disaster resilience to exports"
In this context, Şimşek emphasized that it is planned to provide World Bank support in many areas such as disaster resilience, energy, green transformation, combating climate change, export support, real sector, infrastructure, logistics, industry, agriculture, education, health and inclusion, and made the following evaluation:
"The program will be implemented jointly by the World Bank institutions, the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The impact of the bank's activities in our country will be increased. In this process, focusing on the solution of country-specific challenges, "An approach that aims to increase private sector participation and achieve holistic results in operations will be followed."
"It will be used in the development of the private sector"
Referring to the additional 18 billion dollar financing package that the World Bank will offer to Turkey within 3 years within the scope of the Country Cooperation Framework Program, Şimşek said, "6 billion dollars of the said amount is expected to be provided from IBRD and 9 billion dollars from IFC. MIGA will provide short-term support." "By mobilizing 3 billion dollars through guarantees, it is envisaged that approximately two-thirds of the financing to be provided within 3 years will be used to develop the private sector." he said.
In addition, Şimşek stated that the technical and analytical studies on macro and sectoral basis carried out by the World Bank will continue in the new program period and said:
"In addition, ways will be sought to establish new partnerships with other development stakeholders in order to support our country's development goals. The World Bank has been one of the most important stakeholders in achieving our country's development goals for more than 70 years. The new Country Cooperation Framework further strengthens our partnership with the Bank. This cooperation will "It is also an indication of the World Bank's confidence in our country's next 5-year period and our economy and investment program. The flow of resources to our country will continue to increase in the new period."
Dünya Bankası ile Türkiye'nin 5 yıllık "ekonomik işbirliği" yürürlüğe girdi
Hazine ve Maliye Bakanı Şimşek, "Dünya Bankasının ilk 3 yıl içinde ülkemize ilave 18 milyar dolarlık finansman sağlayacağı Ülke İşbirliği Çerçevesi Programı, Bankanın İcra Direktörleri Kurulunda görüşülerek yürürlüğe girdi." dedi. - Anadolu Ajansıwww.aa.com.tr
What's the difference between this and the world bank?
Is it just to say we didn't go to the IMF or are the rates more favourable? I think with the IMF you have to follow their decisions.
I don't know much about it
Yeah I think Erdogan respects him a lot too
Seems it's for funding current and new projects
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Mark my words as soon as the economy is fixed he will be the first to be sacked.
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Exactly my thought. RTE doesn't respect anyone and he's only waiting for the economy to be fixed before he'll sack Simsek. And he'll wait until last 2-3 year of his period before he really tightens the bolt one way or another to grab hold of the power, if not for himself then for his proxy.
I've mentioned it before (like when we started the forum in 2020), imo Türkiye should work towards having a surplus economy and balance it out, once it manages to hold what is not aprox. 1% of global debt. In the past I mentioned something equivalent to 10% of US debt (spread out of course) which would probably
I've mentioned it before (like when we started the forum in 2020), imo Türkiye should work towards having a surplus economy and balance it out, once it manages to hold what is not aprox. 1% of global debt. In the past I mentioned something equivalent to 10% of US debt (spread out of course) which would probably
It will fuck foreign investment
B_A
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We need a lot of big brand and industry to make us a trade surplus economy.
Scott Summers
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Hindustan Shipyard terminates contract with Turkish firms in Navy's project
Hindustan Shipyard Limited terminated contract with Turkish firms to construct five fleet support ships for the Indian Navy and would now carry out design work on the project on its own.
Hindustan Shipyard terminates contract with Turkish firms in Navy's project
Hindustan Shipyard Limited terminated contract with Turkish firms to construct five fleet support ships for the Indian Navy and would now carry out design work on the project on its own.
B_A
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Erdoğan maybe didn’t totally wrong but Covid and other political problems destroyed the economy.
B_A
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Türkiye's first indigenous electric vehicle, Togg, emerged as an EV market leader in the first quarter of the year with over 4,000 units sold, according to industry data compiled by Anadolu Agency (AA) on Thursday.
Togg sold 4,145 vehicles in the first three months of the year, as shown by the data compiled by AA from the Automotive Distributors and Mobility Association (ODMD).
Togg sold 4,145 vehicles in the first three months of the year, as shown by the data compiled by AA from the Automotive Distributors and Mobility Association (ODMD).
B_A
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EV market in Turkey very small only about 14000 in Q1,so 4000 is leading
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In 2020 the number of EVs sold in Turkey stood at about 850, before climbing to 3,000 in 2021 and 8,000 in 2022.
The ODMD said sales climbed 25.2% to 295,519 units in the January-March period compared to the first quarter of last year.
During this period, car sales increased by 33.05% to 233,389 units, while light commercial vehicle sales rose by 2.6% to 62,130 units.
Meanwhile, according to the data, the number of "fully electric" car sales in January-March increased by 275.9% to 14,158.
The ODMD said sales climbed 25.2% to 295,519 units in the January-March period compared to the first quarter of last year.
During this period, car sales increased by 33.05% to 233,389 units, while light commercial vehicle sales rose by 2.6% to 62,130 units.
Meanwhile, according to the data, the number of "fully electric" car sales in January-March increased by 275.9% to 14,158.
Scott Summers
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Fuck EV's.
A disaster for the environment and nature to produce (kobalt, lithium etc), very dangerous if they catch fire when malfunction and a big pain in the ass to charge every hour.
No Turkish family living in the Western big cities want to buy a car that you need to charge for hours every 200 km when you go to your ancestral village in the Eastern part of Turkey during the holidays.
A disaster for the environment and nature to produce (kobalt, lithium etc), very dangerous if they catch fire when malfunction and a big pain in the ass to charge every hour.
No Turkish family living in the Western big cities want to buy a car that you need to charge for hours every 200 km when you go to your ancestral village in the Eastern part of Turkey during the holidays.
True, the only reason they are selling is because governments are forcing legislation to force people to stop using ICE cars and some of them are even subsidizing their citizens who buy EV's. But they will become an environmental disaster, ICE cars as flawed as they are, they still are recyclable in80-90% of their parts including major parts like engine and transmission, EV's on the other hand will cause a shitpile of unrecyclable parts and batteries that will probably end up polluting third world countries who don't even use them.
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Temporary refuge seekers will get %50 of the jobs created with the new World Bank credit. It is one of the terms of the WB credit.
