Turkey: World Bank approves US$465.4 million loan to support privatization project
The World Bank has approved a US$465.4 million (Euros 360 million) Second Privatization of Social Support Project Loan (PSSPII) for Turkey.
The project's main objective is to support the Government's privatization program through mitigating the social and economic impact of the privatization of state-owned enterprises (SOEs). The Government's privatization program aims to enhance the efficiency and competitiveness of the Turkish economy and thereby help in meeting the market demands of EU accession.
The Privatization Administration will be in charge of the overall implementation of the project.
PSSP II will mark the continuation of the first Privatization Social Support Project that started in 2001. PSSP I helped support the Government's effort to disengage itself from production activities and thus foster the continuing development of the private sector in Turkey, reduce the socio-economic impact of privatization, and mitigate the negative impact of economic instability on poor households.