23 January 2019•Update: 23 January 2019
By Gokhan
ISTANBUL
A project to modernize irrigation in Turkey will be implemented with $254 million in financing from the World Bank.
The bank approved the funds -- a $252 million loan plus $2 million in grants -- for the project, which will modernize irrigation infrastructure, the bank announced late Tuesday.
The project will provide farmers better access to water, the bank said.
Mariam Sherman, World Bank acting country director for Turkey, said: "The agriculture sector employs about 21 percent of the population and accounts for 60 percent of the rural workforce in Turkey."
The bank stressed that the project was started by Turkey's Treasury and Finance Ministry and State Waterworks.
As part of the modernization, irrigation systems will be rebuilt and improved in selected areas with $249 million, the bank stressed.
Meanwhile, another $5 million will be used for innovation, institutional support, and project management, it added.
"The project is funded through an IBRD [International Bank for Reconstruction and Development] Investment Project Financing (IPF) instrument, with a 10.5-year repayment period, including a five-year grace period," the bank underlined.
