OPEC Fund Provides $50 Million Loan to Turkey

The OPEC Fund for International Development has approved a $50 million loan to Turkey to support the agricultural and food production sectors, enhance long-term food value chains, and assist 11 cities affected by last February's earthquake. The Director General of the OPEC Fund, Abdulhamid Alkhalifa, emphasized in a statement from the fund's headquarters in Vienna, Austria, the importance of the agriculture sector in Turkey, stating, "The agriculture sector is a major source of economic activity, employment, and trade in Turkey." He mentioned the fund's readiness to expand cooperation with Turkey and contribute to achieving the country's sustainable development ambitions. Alkhalifa clarified that "the OPEC Fund loan will help provide the necessary financing to enhance the long-term sustainability of the agriculture sector, support agricultural businesses with a focus on earthquake-affected areas, and re-lend funds to small and medium-sized enterprises to withstand future shocks, including natural disasters and climate change, while improving supply chain infrastructure and productivity and access to markets."