ANKARA, June 9, 2008 - The Republic of Turkey and the World Bank signed today the loan agreement for a US$203 million Land Registry and Cadastre Modernization Project Loan for Turkey. The legal agreements were signed by Mr. Memduh Aslan Akçay, Director General of the Undersecretariat of the Treasury and World Bank Country Director Ulrich Zachau.
The Project aims to improve the effectiveness and efficiency of the land registry and cadastre services. It will (i) update and improve cadastre maps to support digital cadastre and land registry information; (ii) make the digital land registry and cadastre information available to public and private entities (iii) improve customer services in land registry and cadastre offices; (iv) improve human resources in the Turkish Land Registry and Cadastre Agency (TKGM); and (v) develop policies and capacity to introduce best international practices in property valuation in Turkey.
The Turkish Cadastre and Registration system is considered one of the most effective in the region, and many property transactions are registered within one day. However, many of the Cadastre and Land Registry offices still rely on manual systems. Turkey’s computerized Cadastre and Land Registry Software, TAKBIS, runs in only 140 of 1000 cadastre offices. Furthermore, in many localities maps are out of date and do not correspond with the ground locations and areas, differing sometimes by up to 10 meters.
On the occasion of Loan Signing, Ulrich Zachau, Country Director of the World Bank, said: “Land ownership is a foundation of the economy and of many people’s lives. Many people use cadastre maps and register land for various purposes, and cadastre maps also serve as a base mapping for many government services. This project will lift the land registry and cadastre in Turkey to the next level. It will facilitate better access to real estate information through the e-government platform, and its results will benefit people and businesses throughout Turkey. The World Bank is pleased to be a part of this initiative.”
The project will be funded by an IBRD flexible variable spread loan. It will have a maturity of 23.5 years including a 5 year grace period.