The World Bank on Thursday said that its board had approved $500 million in additional financing to back Turkey’s response to the health impacts of the coronavirus pandemic.

The funds, which will have a maturity of 10 1/2 years with a five-year grace period, will be used to ensure access to safe and effective COVID-19 vaccines in Turkey and form part of an expanded health response to the pandemic, the bank said.

An additional $250 million will be provided as co-financing from the Asian Infrastructure and Investment Bank (AIIB), the bank said, adding that the project aims to help meet the cost vaccine purchases.

"This project will allow the Government to refocus its financial capacities on activities and reforms that may have been adversely affected during the pandemic," Task Leader Nadwa Rafeh said in the press release.

"The Government will be able to reinforce key reform activities currently underway, namely strengthening case management of non-communicable diseases through a network of healthy living centers and improving preparedness for public health threats and emergencies," Rafeh noted.

The World Bank had previously approved $100 million in funds for Turkey in April 2020, as part of the bank’s COVID-19 Strategic Preparedness and Response Program.

"Turkey’s COVID-19 national vaccination program was swiftly deployed by the authorities and has been one of the most successful and inclusive vaccination programs in response to the pandemic," said Auguste Tano Kouame, World Bank Country Director for Turkey.

"With this project the World Bank is very happy to be contributing to saving lives in Turkey."