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The World Bank said on Thursday that its board had approved $500 million in additional financing to support Turkey in its efforts to fight against COVID-19.
The funds, which will have a maturity of 10.5 years with a five-year grace period, will be used to ensure access to safe and effective COVID-19 vaccines in Turkey, the bank said.
An additional $250 million will be provided as co-financing from the Asian Infrastructure and Investment Bank (AIIB), the bank said, adding that the project aims to help meet the cost of vaccine purchases.
“This project will allow the Government to refocus its financial capacities on activities and reforms that may have been adversely affected during the pandemic,” Task Leader Nadwa Rafeh said in the press release.
The World Bank had previously approved $100 million in funds for Turkey in April 2020.
