Turkey gets $350 million World Bank loan to help refugee employment

Turkey’s state-run development and investment bank secured a loan of 316 million euros ($350 million) from the World Bank to help create jobs in provinces with a high number of Syrian refugees.

The loan will help the refugees and Turkish citizens access formal employment opportunities in creditworthy enterprises, the state-run Anadolu news agency reported on Tuesday.

The lending “will offer beneficiary firms in project provinces a greater access to financial resources and skills to enhance their capacity to expand business," the World Bank said in a report outlining the financing and its terms, according to Anadolu.

Turkey has a large unregistered economy and refugees are often employed by companies without official contracts or job security at below the minimum wage. Some 4 million refugees and economic migrants live in Turkey, which has accepted millions of people fleeing the conflict in neighbouring Syria.

The loan will be disbursed through intermediary financial institutions, Anadolu said, citing Tano Kouame, an official of the bank in Turkey.