The European Bank for Reconstruction and Development is investing 1.5 billion euros in earthquake-affected areas in Turkey

ANKARA (Reuters) – The European Bank for Reconstruction and Development said on Thursday it would invest up to 1.5 billion euros ($1.6 billion) in the next two years to support reconstruction and recovery in Turkey’s crisis-hit regions. earthquakes last month.

The investment will include 600 million euros of credit lines to local banks for companies and individuals affected by earthquakes, as well as lending to companies involved in reconstruction.

The European Bank for Reconstruction and Development will also provide financing and advice to small and medium-sized enterprises on repairing damage and building resilience.

The bank said that direct material damage to the region amounts to $34 billion, adding that the cost of reconstruction will be double that.

($1 = 0.9478 euros)

(Reporting by Ali Kucukjukman). Editing by Jonathan Spicer

Our Standards: The Thomson Reuters Trust Principles.

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