An agreement was signed between the Development and Investment Bank of Turkey and the World Bank that includes providing 316 million euros ($353 million) of credit to Turkey to increase the registered employment rate of the country, the Turkish bank said in a statement Tuesday.

The agreement was signed between Turkey Investment and Development Bank General Director Ibrahim Öztop and World Bank Country Director for Turkey Auguste Tano Kouame and secures credit disbursements for a term of 25 years under a Treasury guarantee.

The agreement aims to increase the capacity of businesses operating in 24 provinces of Turkey to provide employment opportunities, the statement said, while providing private-sector businesses access to financial resources to improve their skills and conditions.

Öztop, whose views were included in the statement, said that increasing employment is significant in this period in which world economies are facing difficulties in maintaining sustainable economic growth due to the coronavirus outbreak.

He said that the credit will be provided to large enterprises as well as to some small and medium-sized enterprises (SMEs) through intermediary financial institutions.

"We will provide consultancies to improve the management skills of the customers who will use the loans and the institutional capacities of the institutions," he added.