Johannes Zutt

By implementing more structural reforms Turkey can send a clear signal to lure more foreign funding in the form of direct investment (FDI), Johannes Zutt, Turkey country director for the World Bank, told state-run Anadolu Agency on Dec. 24.

The World Bank Group and Turkey have renewed their partnership with the introduction of a new Country Partnership Framework (CPF) with a substantial amount of financing line late in August.

The 2018-2021 CPF for Turkey focuses on three core areas: Growth, inclusion and sustainability, read a World Bank Group statement, which was released on Aug. 30. 

The World Bank's Board of Executive Directors has approved a $132.7 million loan for the Sustainable Cities Project in Turkey.

The project, which covers two cities, is the first in a series of projects aimed at improving the economic, financial, environmental and social sustainability of Turkish cities. 

As private investment and consumption appear to have slowed down in the aftermath of the failed coup attempt, high frequency indicators suggest real GDP growth may fall into negative territory in Turkey in the third quarter, which will bring full-year GDP growth in 2016 to 3.1 percent, compared to 3.5 percent envisaged earlier, said the World Bank in a note on Nov. 25. 

The World Bank's Board of Directors on Nov. 1 approved an IBRD loan of $250 million and a Clean Technology Fund Grant of $39.8 million for the Geothermal Development Project in Turkey, which will help create renewable energy by tapping heat sources deep in the ground, said the organization in a written statement on Nov. 2. 

Turkey has fallen 14 places to 69th in the World Bank's latest Doing Business report, published on Oct. 25. 

With the government's program of reforms, Turkey has a good chance of surpassing the "middle income trap," the new World Bank country director for Turkey Johannes Zutt told Anadolu Agency on Jan. 25.

The World Bank's Board of Executive Directors has said it approved a micro, small and medium enterprises (MSMEs) and large enterprises (LEs) supply chain finance project for Turkey in the amount of $200 million in a written statement on Dec. 23.