TARGET Project Secures $10 Million Financing for Agricultural Sector
· TRT Haber
The TARGET Project, launched with financing from the World Bank, will provide up to $10 million in long-term loans through Ziraat Bank for businesses investing in agriculture and food sectors.
The Turkey Agricultural-Food Sector Transformation Project for Employment and Rural Welfare (TARGET), coordinated by the Ministry of Agriculture and Forestry and implemented by the Agricultural and Rural Development Support Institution (TKDK), with financing from the World Bank, is being launched. According to the statement, long-term financing will be provided to legal entity businesses investing in the agriculture and food sectors through Ziraat Bank. The project aims to facilitate businesses' access to finance, enhance production capacity, and strengthen the agriculture-food value chain. TKDK is expected to announce the project by the end of the year, with financing disbursements planned to begin in 2027 following application assessments.
According to information shared by Ziraat Bank, the project will offer repayable financing support covering up to 80% of the investment cost. Businesses will be eligible for financing of up to $10 million, depending on the project's scale, with repayment terms extending up to a total of 7 years, including a grace period of up to 2 years. These funds can be used for the construction of facilities and the purchase of machinery and equipment in the agriculture and food sectors. The 10-year plan announced foresees the utilization of $750 million in the first phase of financing, which has a total size of $5.3 billion.
Speaking at the signing ceremony, Deputy Minister of Agriculture and Forestry Ahmet Bağcı highlighted the importance of access to finance, stating:
Bağcı also stated that they will support producers in taking a more active role in the market through organized agricultural regions and contract farming models.
Ziraat Bank General Manager Alpaslan Çakar emphasized that the project will strengthen the agriculture-food value chain, stating:
Ahmet Antalyalı, President of TKDK, commented on the management of international funds, saying:
| Value | Period | Measure |
|---|---|---|
| 10 million dollars | — | Maximum financing support |
| 80% | — | Investment coverage ratio |
| 2 years | — | Grace period |
| 7 years | — | Maximum maturity period |
| 5.3 billion dollars | 10 years | Total planned financing volume |
| 750 million dollars | First phase | First phase financing source |