WASHINGTON, July 18, 2011—World Bank Group President Robert B. Zoellick will visit Turkey from July 19 to 22. His visit will focus on Turkey’s economic and development agenda and its regional and global roles and partnerships, including with the World Bank Group. Vice President for Europe and Central Asia, Philippe Le Houérou, and Executive Director for Turkey, Konstantin Huber, will accompany the President.
“Turkey is a development success, with a per capita income nearly triple that of 10 years ago” said Zoellick. “It can play an important and growing role in the region and in the world due to its young population, growing economy, and geographical position.”
Zoellick is expected to meet with leaders in the Turkish government, private sector, and civil society. He will also visit the Disaster Management Coordination Center in Istanbul, which was established under the World Bank-supported Istanbul Seismic Risk Mitigation Project (ISMEP); join the President of the Women Entrepreneurs Association of Turkey (KAGIDER) in launching a new Gender Certification Program to promote gender equality in the private sector; and pay a visit to Gallipoli.
“Two years ago I was in Istanbul for the Annual Meetings of the World Bank and the IMF” said Zoellick. “The Meetings were highly successful, and I would like to thank Turkey once more for hosting us our member governments. I look forward to discussing with our Turkish partners how we can build on our strong cooperation to date and further strengthen it in the future.”
The World Bank Group consists of the International Bank for Reconstruction and Development (IBRD), which provides financing, risk management products, and other financial services to members, as well as analytical services, capacity building, and technical services; the International Development Association (IDA), which provides interest-free loans and grants to the poorest countries; the International Finance Corporation (IFC), which makes equity investments and provides loans, guarantees, and advisory services to private-sector business in developing countries; and the Bank Group’s political risk insurance agency, the Multilateral Investment Guarantee Investment Agency (MIGA).
Turkey has been a member of the World Bank Group since 1947 and is IBRD’s second-largest client by loans outstanding. The Country Partnership Strategy (CPS) for FY08-11 included IBRD financing of US$7.6 billion, and IBRD’s portfolio includes net commitments of US$5.4 billion. Turkey is IFC’s 4th largest exposure and the committed portfolio accounts for $2.6 billion. Turkey also is MIGA’s 2nd largest net exposure ($951 million). A new CPS for FY12-15 is currently under preparation.