OPEC Fund to Provide $50 Million Loan to Turkey for Agricultural and Food Production Sectors

OPEC Fund to Provide $50 Million Loan to Turkey for Agricultural and Food Production Sectors

The OPEC Fund for International Development (OPEC Fund) has announced its approval of a $50 million loan to Turkey aimed at bolstering the agricultural and food production sectors. This initiative also aims to fortify long-term food value chains and provide support to 11 cities affected by last year’s February earthquake.

Dr. Abdul Hamid Al-Khalifa, Director General of the OPEC Fund, underscored the significance of Turkey’s agricultural sector in a statement issued from the Fund’s headquarters in Vienna, Austria. He emphasized that the agricultural sector plays a pivotal role in Turkey’s economy, providing employment opportunities and fostering trade. Al-Khalifa expressed the Fund’s readiness to expand collaboration with Turkey to help achieve the country’s sustainable development goals.

The loan from the OPEC Fund will serve to enhance the sustainability of Turkey’s agricultural sector by providing crucial financing. It will support agricultural enterprises, particularly in areas impacted by the earthquake. Additionally, funds will be allocated to small and medium-sized businesses to bolster their resilience against future shocks, including natural disasters and climate change. The loan will also be directed towards enhancing supply chain infrastructure, improving productivity, and facilitating market access.

Last year’s earthquakes in Turkey inflicted severe damage to infrastructure and disrupted food supply chains, resulting in significant livestock losses. According to estimates from the Food and Agriculture Organization of the United Nations, these damages have affected over 20% of Turkey’s agricultural food exports.

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