A $512 million World Bank loan to expand financing to support homes and infrastructure against earthquakes and floods in Turkey [EN/TR] – Turkey

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WASHINGTON, September 27, 2022—The World Bank Board of Directors today approved $512.2 million in financing for Turkey to expand access to climate-resilient housing and infrastructure, with the aim of saving lives and supporting the country’s economic development.

Funding for the Climate Resilient Cities Project. Of the total project amount, $338.5 million will go to the Government of Turkey to develop new and affordable financing mechanisms to enable families to upgrade or rebuild their homes to increase their resilience to earthquake and climate risks, while $173.6 million will go to Iller Bankasi Anonim Sirketi (ILBANK), To provide funding for municipalities to build more resilient infrastructure.

More than one million people will benefit from improved infrastructure and 32,000 people will benefit from loans to rebuild or retrofit their precarious housing units. The project will focus on urban areas in the provinces of Istanbul, Izmir, Kahramanmaras, Manisa and Tekirdag, which are highly vulnerable to earthquake and climate risks. These provinces also include Turkey’s largest urban areas where 76% of the country’s 85 million people live, and most of the country’s economic activity is concentrated.

“Turkey is uniquely vulnerable to natural and climate-related hazards, which take a heavy toll on the people and the country’s economy. Through this project, the World Bank is pleased to make an important contribution to safeguarding Turkey’s development progress and supporting its transition to a climate-resilient and resilient future.”

Located on multiple active fault lines, Turkey is one of the most earthquake-prone countries in the world. Earthquakes have caused the largest human and economic losses in the past 20 years, largely due to damage and collapse of buildings. Meanwhile, extreme weather events and floods have increased in frequency and intensity. In the last year alone, floods killed at least 81 people, evacuated about 2,500 people, and caused significant damage to more than 450 buildings.

An estimated 6.7 million apartment buildings across the country require seismic retrofitting or rebuilding. These structures were built prior to the introduction of modern building codes in 2000 to withstand earthquakes. Most earthquake deaths are attributed to the structural failure of these old apartment buildings.

Climate-resistant housing and infrastructure is also essential for Turkey to maintain its economic growth while fulfilling its commitments on climate change and environmental sustainability. The construction sector in Turkey accounts for about 12% of the country’s greenhouse gas (GHG) emissions.

Urban transformation against seismic and climate risks will require significant investments at all levels of government and the private sector, including households. This project addresses the major challenges of increasing the affordability of retrofitting or demolition, rebuilding vulnerable housing, making use of available resources, and mobilizing financing for municipalities to increase investments in resilient infrastructure.”

The main components of the project include:

Provide technical assistance to the Ministry of Environment, Urbanization and Climate Change (MoEUCC) and local authorities in selected provinces to enhance their capacity to develop, implement and monitor green and resilient urban transformation programmes. Expand access to flexible housing by financing loans at affordable interest rates to eligible owners to modify or rebuild their units in risky apartment buildings or mixed-use buildings to meet flexible new building code and energy efficiency standards. Investments in climate and disaster-resistant municipal infrastructure will provide funding for ILBANK to lend eligible facilities to make infrastructure investments that increase resilience; These loans will have longer maturities and lower interest rates than the similar local market. An emergency contingency provision will be included in the project to allow the Ministry of Environment and International Cooperation to reallocate project funds in the event of a disaster and its immediate aftermath, to meet urgent humanitarian and other needs.

The World Bank is an important and trusted partner for Turkey in disaster risk management, urban development, and energy efficiency. Among other World Bank projects implemented in recent years, the Seismic Resilience and Energy Efficiency in Public Buildings Project; Istanbul Earthquake Risk Mitigation and Emergency Preparedness Project; The Safe Schools Project funded by the Refugee Facility in Turkey; Disaster Risk Management in Schools Project; Energy Efficiency Project for Small and Medium Enterprises; and the Energy Efficiency Project in Public Buildings, among others.

Press Release No.: 2023 / ECA / 124

Contacts

Ankara

Tonya Selassin

+90-312-4598343

[email protected]

Washington

Indira Chand

+1 (202) 458-0434

[email protected]

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