Development cooperation on a new level
At the end of 2004 everyone in Turkey was a millionaire, before the last six zeros were deleted from the Turkish currency – and one million Turkish Lira became one New Turkish Lira. This measure was part of a comprehensive package of economic reforms, which led to an upturn: in 2010 the Turkish economy grew by an impressive 9.2 %. Today, the economy is also considered robust with growth of 3-4 %. Traditional development cooperation with Turkey officially came to an end in 2008, after 50 years. Since then, KfW Development Bank has been active in the country predominantly using its own funds. It promotes the development of Turkish micro, small and medium-sized enterprises, as well as the use of renewable sources of energy and energy efficiency in industry and buildings.