Turkey accelerates public projects
Posted by meb at November 11th, 2008
Turkey initiated 2,759 public projects in 2008, allocating YTL 219 billion towards their completion.
According to figures from the 2008 Investment Program, excluding the investments made by local administrations and their labor costs, the total amount spent for the finished 1,148 projects reached YTL 102.4 billion. There is currently YTL 116.6 billion left, allocated for the uncompleted projects.
A breakdown of project expenditures in 2008 reveals that 23.1 percent was spent on transportation and communication projects while and 16.6 percent was allotted to educational schemes. Also, 14.1 percent was allocated to improve the energy sector and 8.6 percent was spent on the agriculture sector. The share allotted to the health sector was 8.4 percent and the tourism and housing sectors had 8.1 percent. 21.2 was spent on other public projects.
According to the program, it will take six years to use up the YTL 116.6 billion stocks combined with the money which will be allocated for public projects in the coming years. It seems that, at least for the next six years, the government is not likely to have difficulty in funding projects. According to the program administrators, public corporations have problems in preparing and implementing successful projects and Turkey needs new investment in different areas. It was stressed that the money which has not been used yet should be utilized effectively.
The government will focus on finishing urgent projects that have not yet been completed. Projects that are easy to complete in a short time, schemes that are deemed necessary for the EU accession process and construction that will mitigate damage from possible natural disasters will be given priority.
source: Today’s Zaman
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