World Bank has ‘confidence in economic policies’: Economist

ISTANBUL

The increase in the World Bank’s project approvals for Türkiye is an indication that confidence in economic policies has strengthened, says Sibel Kulaksız, senior economist at the World Bank Group.

The bank recently provided financing to the tune of nearly $1 billion in two projects.

The bank’s board approved $660 million in financing to support Türkiye’s efforts to expand electric rail transportation.

The Eastern Türkiye Middle Corridor Railway Development Project will help expand and modernize one of the oldest and outdated sections of Türkiye’s existing limited rail network, the multilateral development lender said in a statement.

This is a project that will benefit not only Türkiye but also other neighboring countries, commented Kulaksız.

“The increase in the World Bank’s project approvals for Türkiye shows that confidence in economic policies is strengthening. This project ss an example of this. There will be some more projects in the coming period,” she said.

Moreover, last week, the bank approved $250 million in financing to improve readiness for and handling of public health emergencies in Türkiye.

The Türkiye Preparedness for Public Health Emergencies Project will help expand vaccine production and strengthen the country’s capacity to detect and initiate a rapid response to public health emergencies.

Türkiye is a strong country in every aspect of the economy, but its current potential has not yet been fully utilized, Kulaksız also said.

If this potential is effectively used, Türkiye can become one of the high-income countries, according to Kulaksız.