Connect with us

Development

World Bank Provides Financing for Viable Micro and Small Firms in Turkey

Published

on

startup business

A new project will help avert the closure of viable micro and small enterprises (MSEs) affected by the health and economic shocks of the COVID-19 pandemic and maintain employment levels during the crisis. The $300 million Rapid Support for Micro and Small Enterprises Project for Turkey, implemented by the Small and Medium Enterprises Development Organization of Turkey (KOSGEB), will help people and firms by providing reimbursable support financing for manufacturing firms and other, innovative young firms focusing on manufacturing, scientific research and development, and computer programming.

The Project will provide financing in the form of performance-based reimbursable support to eligible MSEs, including innovative young firms that have been negatively impacted by COVID-19 but remain financially viable and are likely to survive the crisis, if they can access funding to meet their temporary liquidity needs.

“The World Bank Group’s approach to supporting client countries in mitigating the impact of COVID-19 on their economies, firms, and workers entails preserving the conditions for sustainable business growth and job creation in the future as countries respond to the immediate impacts of COVID-19 and lay the foundation for a resilient recovery,” says Auguste Kouame, World Bank Country Director for Turkey. “Consistent with this framework, the World Bank is pleased to contribute to the support of viable firms and protection of vulnerable jobs in Turkey.”

The COVID-19 pandemic has created a combination of both supply and demand shocks to firms across the country on a scale which has not been seen in recent history. Access to finance has deteriorated for firms – particularly MSEs that were credit constrained even before the crisis struck. Without adequate and timely support, otherwise viable firms, upon which the livelihoods of a large number of poor and vulnerable households depend, face the risk of permanent closure – threatening jobs and jeopardizing the prospect of a speedy economic recovery. 

“The WB financing provided under the project will go to Micro and Small Enterprises in Turkey, which are the main source of employment for poor and near-poor households and account for more than 40 percent of employment in the manufacturing sector,” remarked Stefka Slavova, Lead Economist at the World Bank and co-Task Team leader of the project.

“These MSEs have been especially impacted negatively during the ongoing health and economic crisis caused by COVID-19 and need support to withstand the crisis,” added P. Facundo Cuevas, Senior Economist at the World Bank and co-Task Team Leader of the Project.

The project will pay special attention to women-owned firms and is aligned with Turkey’s Country Partnership Framework (CPF) for the FY18-23, which focuses on the three strategic areas of growth, inclusion, and sustainability.

Continue Reading
Comments

Development

World Economic Forum Plans 2022 Annual Meeting in Davos-Klosters

Published

on

The World Economic Forum plans to convene the world’s foremost leaders for the Annual Meeting 2022 in Davos-Klosters, Switzerland. Taking place in person from 17-21 January, the Annual Meeting 2022 will be the first global leadership event to set the agenda for a sustainable recovery.

The pandemic has exacerbated fractures across society. It is a critical year for leaders to come together and shape necessary partnerships and policies. The meeting will bring together forward-thinking leaders to drive multistakeholder collaboration and address the world’s most pressing economic, political and societal challenges. Further details will be announced in due course.

The wellbeing of our participants, staff, service providers and hosts is a priority. Therefore, the World Economic Forum is working closely with the Swiss authorities, as well as with experts, national and international health organizations to put in place measures for the Annual Meeting 2022 that are appropriate and adapted to the context.

Klaus Schwab, Founder and Executive Chairman, World Economic Forum said “The pandemic has brought far-reaching changes. In a world full of uncertainty and tension, personal dialogue is more important than ever. Leaders have an obligation to work together and rebuild trust, increase global cooperation and work towards sustainable, bold solutions.”

Progressing cooperation on tackling climate change, building a better future for work, accelerating stakeholder capitalism, and harnessing the technologies of the Fourth Industrial Revolution will be important topics on the agenda.

Ahead of the Annual Meeting 2022, the Forum will host the fifth Sustainable Development Impact Summit to take place virtually from 20 to 23 September 2021 in the context of the United Nations General Assembly. The summit will convene under the theme Shaping an Equitable, Inclusive and Sustainable Recovery. It will welcome almost leaders from government, business and civil society who will work together to drive action and build momentum for a more sustainable and inclusive future.

Continue Reading

Development

Spain’s PM Speaks with Global CEOs on Strategic Priorities in Post-Pandemic Era

Published

on

The World Economic Forum today hosted a “Country Strategy Dialogue on Spain with Prime Minister Pedro Sánchez” for its partners, chaired by Børge Brende, President of the Forum. The session gave CEOs from around the world an opportunity to hear directly from Sánchez on the factors behind Spain’s remarkable resilience to the economic shocks of the pandemic and its post-COVID-19 recovery strategy.

In the virtual session, Sánchez explained his government’s policy priorities and answered questions from CEOs on promoting innovation, a digital economy, a green transition and social justice in Spain, and on improving the enabling environment for long-term investors.

“After deploying unprecedented economic, financial and social measures to protect our economies, Spain is experiencing strong recovery. We want to build the economy of the future, and to do it in an inclusive way, leaving no one behind. We want to attract top talent and quality, innovation-centric investments. In summary, we want to transform the Spanish economy and we want to do it together with the private sector,” he said.

“The world economy is again growing. Spain is on track to be one of the fastest-growing economies among G20 countries. With Spain being among the key stakeholders in the European Union recovery fund, Prime Minister Sánchez and his government have provided important leadership on how to use the current momentum for a truly transformative agenda, for Spain, but also for Europe.” said Brende.

More than 80 partners of the World Economic Forum from around the world participated in the virtual session.

Continue Reading

Development

The Indigenous peoples of the North in Russia have got extra support

Published

on

The largest metal producer, Norilsk Nickel, has decided to provide additional funding to the indigenous people of the Russian Arctic – living on the Taimyr Peninsula, the company said in a press release.

This is the second tranche of the company allocated to the indigenous peoples living in the north of Russia this year. Earlier it was reported that Norilsk Nickel allocated 2 billion Russian rubles (25.9 million US dollars) for various humanitarian needs of the indigenous peoples of the Russian North – the Taimyr Peninsula.

 “Norilsk Nickel’s response to the needs of indigenous peoples is a confirmation of the company’s flexibility and systematic work with local communities. Our agreement is a demonstration of the desire for sustainable development of the peoples of Taimyr. We constantly monitor the needs of specific communities and, in contact with the company, change the parameters of individual clauses of our agreements. Moreover, most of the changes are an increase in the number of events with an increase in funding for the most important support programs,” said Grigory Dyukarev, Chairman of the Association of the Indigenous Peoples of the Taimyr Peninsula, Krasnoyarsk Territory.

The company clarifies that an additional tranche of financing will be directed to the production of special literature, support for the publication of newspapers in the languages of the indigenous peoples of the North, preparation of teaching materials for language learning and some other activities.

“Nornickel strives to fully comply with the UN sustainable development goals. The company’s actions towards indigenous peoples are not a tribute to fashion, not an attempt to appease, but an honest, transparent and conscious position, the course of which is the development of corporate ethnoculture. We don’t just fund critical indigenous livelihoods and management programs, our goal is to build partnerships with all stakeholders: associations and specific communities. We always strive to respond to requests for adjustments to our support programs based on an urgent agenda that indigenous peoples themselves understand better than we do. Especially when it comes to supporting indigenous languages, promoting and protecting them. After all, language is the main vehicle for preserving the historical memory of generations, “commented Andrey Grachev, Vice President for Federal and Regional Programmes at Nornickel.

The agreement was signed at a round-table discussion on the results of an ethnological expert review to study the drivers of indigenous peoples sustainable development on Taimyr. In the period from December 2020 to July 2021, large-scale scientific studies of changes in the original habitat of the indigenous peoples of the North living in the western part of the Taimyr Dolgan-Nenets municipal district of the Krasnoyarsk Territory and the socio-cultural situation. The scientific organisations that participated in the review included Miklukho-Maklai Institute of Ethnology and Anthropology, Peter the Great Museum of Anthropology and Ethnography (the Kunstkamera), The Expert Center Project Office for Arctic Development and others. The representatives of the indigenous communities praised Nornickel’s openness and determination to remedy the damaging effects of the May 2020 incident on their habitats and livelihood, emphasizing the relevance and significance of the review not only for Taimyr, but also for many other Russian regions.

Continue Reading

Publications

Latest

Southeast Asia21 mins ago

The new AUKUS partnership comes at the cost of sidelining France, a key Indo-Pacific player

Here is my quick take on the new AUKUS security partnership announced on Wednesday (September 15), by the leaders of...

Europe2 hours ago

Germany and its Neo-imperial quest

In January 2021, eight months ago, when rumours about the possibility of appointment of Christian Schmidt as the High Representative...

Health & Wellness4 hours ago

Moderna vs. Pfizer: Two Recent Studies Show Moderna to Be The More Effective One

The first study was published by medRxiv “The Preprint Server for Health Sciences” on August 9th, and compared (on 25,589...

Middle East6 hours ago

After 10 years of war in Syria, siege tactics still threaten civilians

The future for Syria’s people is “increasingly bleak”, UN-appointed rights experts said on Tuesday, highlighting escalating conflict in several areas...

South Asia9 hours ago

Misjudgements in India’s Afghan policy

India’s Afghan policy has always been obsessed with the desire to deny Pakistan the “strategic depth” that Pakistan, according to...

Africa Today10 hours ago

Republic of Korea offers support for smallholder farmers in Mozambique

The Korea International Cooperation Agency (KOICA) donated US$5.7 million through the World Food Programme (WFP) for a project to support...

Environment12 hours ago

Global Plastic Action Partnership Making an Impact in Fighting Plastic Pollution

The Global Plastic Action Partnership (GPAP) released its second annual impact report, which highlights strides made over the last two...

Trending