World Bulletin / News Desk
Turkey's Treasury announced on Monday the World Bank has lent a 350.9 million euro ($400 million) loan to Turkey, under the Resilience, Inclusion and Growth Development Policy Financing (RIG-DPF) program.
The loan agreement is signed to support Turkey’s efforts to increase domestic savings, enhance economic participation among vulnerable groups, and address structural bottlenecks to ensure sustainable growth, the Treasury said.
It noted that the total maturity of the loan was 10 years including a grace period of three-and-a-half years.
According to the World Bank, the policies, strategies, and reform actions supported under the program center on three strategic outcomes.
"The first pillar aims to increase domestic savings to help address external imbalances and reduce fiscal risks," the bank said in a press release.
"The second pillar aims to support participation of women, youth, long-term unemployed, and Syrians under temporary protection in the labor market," it stated.
"The third pillar aims to remove structural bottlenecks to sustainable growth," the bank said, adding that this would be achieved by enacting an appropriate legal framework for the protection of industrial property.
The World Bank also said that removing structural bottlenecks would be achieved by improving allocation of capital, by facilitating access to credit for small and medium enterprises, and deregulating network industries through the liberalization of the railways sector.
BIST 100 index rises 0.44 pct while US dollar/Turkish lira rate falls to 3.49
The day before, the dollar had rallied against both main rivals and the Dow reached a fresh record high after the US central bank kept alive the chance of a December increase in American borrowing costs.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46
Borsa Istanbul's BIST 100 index goes down 0.89 pct at close, USD/TRY rate stands around at 3.44