The World Bank extended financing worth $1.5 billion (TL 12 billion) for five critical development projects in Turkey during Fiscal Year 2021, the bank said Thursday.

Recalling the country's efforts to recover from the impact of COVID-19, the bank said the financial support contributed to the implementation of Turkey's 11th National Development Plan as laid out in the Bank's Country Partnership Framework.

With the new lending approvals in 2021, the active lending portfolio in Turkey has reached just over $7 billion covering 23 projects, the bank stressed.

The World Bank is supporting Turkey to limit the harm from the pandemic while advancing progress on long-term development needs, said Auguste Kouame, World Bank Country Director for Turkey.

"Our programs, during the fiscal year that just ended (as of June 30), help to preserve jobs, maintain the private sector, improve resilience to climate change and other development priorities," Kouame said.

Touting the World Bank's agenda for the fiscal year of 2021, Kouame pledged that the bank will seek to support the people of Turkey in the face of COVID-19 and the refugee crisis while contributing to Turkey's long-term development ambitions and its strong climate change agenda.

"We look forward to building on this success as we start a new fiscal year," he added.