The World Bank has approved additional $500 million in funding to support Turkey's efforts to combat COVID-19.

The funds, with a maturity of 10.5 years with a five-year grace period, will be used to ensure access to safe and effective COVID-19 vaccines in Turkey, the bank said.

An additional $250 million will be provided as co-financing from the Asian Infrastructure and Investment Bank (AIIB). The project aims to help cover the cost of purchasing vaccines.

In April 2020, the World Bank approved a $100 million loan to Turkey.