Family and Youth Fund Becomes Law: Last Minute News from Turkey
Turkey Establishes Family and Youth Fund to Support Young People
In a recent development, the bill regarding the establishment of the Family and Youth Fund was accepted in the General Assembly of the Parliament. This new fund, which will be established under the Ministry of Treasury and Finance, aims to support young people and families in Turkey.
The fund’s board of directors will consist of the Deputy Ministers of Treasury and Finance, Family and Social Services, Youth and Sports, Energy and Natural Resources, and Industry and Technology. The board will be responsible for determining the projects to which resources will be transferred, the amount of resources to be transferred, and expenditure programs.
One of the major sources of revenue for the fund will be revenues from natural gas and oil reserves. It is stated that 20 percent of the revenues from these reserves will be transferred to the fund. Additionally, cash donations, aid, and grants will also be among the fund’s income sources, with 10 percent of the revenues from other funds.
In an innovative move, the Family and Youth Fund will also provide interest-free loans to young people who are planning to get married. The amount of the loan will be 150 thousand liras, with a 2-year grace period and a 4-year repayment requirement. This initiative has already been implemented in 4 pilot provinces in the earthquake zone, including Kahramanmaraş, Adıyaman, Hatay, and Malatya.
Applications for the interest-free loans will be received digitally after the law comes into force. It is important to note that there will be no age criterion to benefit from the fund, making it accessible to all young people in need.
The establishment of the Family and Youth Fund marks a significant step towards supporting the youth and families in Turkey and is expected to have a positive impact on the lives of many young people.
