AIIB Allocates $200 Million to Support Earthquake Recovery in Türkiye – News

The Asian Infrastructure Investment Bank (AIIB) has approved a US$200 million loan for the Emergency Road Rehabilitation and Reconstruction Project in Turkey to support the country’s recovery from the February 2023 earthquakes.

The loan is part of a US$415.9 million package co-financed with the Government of Turkey. As the Bank’s first standalone initiative in the transport sector in Turkey, the project aims to restore connectivity and ensure the safe movement of goods and people in earthquake-affected areas. It also aims to enhance the resilience of critical infrastructure by integrating advanced technologies and best practices to prepare for future challenges.

“This project embodies the AIIB’s commitment to supporting its members in times of need, and ensuring the sustainability and resilience of reconstruction efforts,” said Konstantin Lempitovsky, AIIB’s Vice President for Region 2, Corporate Finance and Global Projects. “By helping Turkey rebuild critical infrastructure and connectivity, we are confident that the roads supported by the AIIB will withstand future climate challenges and provide reliable and sustainable service to the people of Turkey, improving their daily lives and contributing to a stronger and more connected future.”

The AIIB’s involvement comes after careful assessment of the alignment of its support with Turkey’s long-term recovery goals. By rehabilitating and rebuilding damaged roads, tunnels and bridges, the project will improve regional and national integration and support Turkey’s efforts to re-establish key trade corridors, especially in areas such as Gaziantep and Hatay, which are vital for trade between Turkey, the Middle East and Europe.

By incorporating lessons learned from previous emergency projects and leveraging AIIB’s technical expertise, the initiative aims to provide high-quality, resilient infrastructure that supports sustainable economic development and long-term recovery in the region.

About the Asian Infrastructure Investment Bank

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to finance the infrastructure of tomorrow in Asia and beyond – infrastructure that is at the core of sustainability. We began operations in Beijing in 2016 and have since grown to 109 accredited members worldwide. With capital of US$100 billion and an AAA rating by major international credit rating agencies, AIIB meets the needs of clients by unlocking new capital and investing in green, technology-enabled infrastructure that enhances regional connectivity.

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