The World Bank agrees to finance one billion dollars for the reconstruction of Türkiye after the earthquake

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The World Bank has announced its approval of US$1 billion in financing to help Turkey rebuild rural housing and basic public services in earthquake-affected areas.

In a statement, the World Bank highlighted that the “Earthquake Resistance and Reconstruction Project in Turkey” will contribute to restoring health care services and rebuilding damaged or destroyed municipal infrastructure.

The project aims to cover 11 provinces that were most affected by the earthquake and home to nearly 14 million people.

Humberto Lopez, World Bank Country Director for Turkey, expressed the institution’s commitment to stand by Turkey, sharing its expertise and experience in disaster risk management and post-disaster reconstruction.

He acknowledged the massive scale of the destruction and the significant resources that will be required for the ongoing efforts, stressing the World Bank’s support for rebuilding the affected communities.

This particular project represents the largest financing package ever offered by the World Bank to Turkey in a single case.

corporate finance

In addition, the World Bank announced a new $450 million project to prevent the closure of earthquake-damaged micro, small and medium enterprises and support job preservation.

The “Project for the Improvement of Small, Medium and Micro Enterprises in Turkey after the Earthquake” aims to ensure the continuity of operations of these companies and facilitate their sustainable growth.

The project also seeks to ease liquidity pressures on micro, small and medium enterprises, and enable them to resume their activities and gradually return employment to pre-earthquake levels by rehiring workers or replacing those who left the earthquake-affected area.

The project will be implemented by the Small and Medium Enterprises Development Organization (KOSGEB) with the guarantee of the Ministry of Treasury and Finance.

Reimbursable financing will be made available to eligible companies to cover their expenses.

Repayable financing will be provided on a performance basis on a “first come, first served” basis during the one-year application period or until funds are fully disbursed.

To support the most vulnerable, 10% of the total reimbursable funding resources will be allocated specifically to businesses owned or operated by women.

earthquakes

On February 6, two earthquakes of magnitude 7.7 and 7.6 struck the southern province of Marash in Turkey, causing devastation in 11 provinces in the south, southeast, and northern parts of Syria.

More than 50,000 people have been confirmed killed, and more than 227,000 buildings have been destroyed or severely damaged, according to government figures.

The latest report from the United Nations shows that the situation in the earthquake-affected region remains dire, with continuing challenges exacerbating the crisis. Heavy rains and aftershocks continued to wreak havoc in the area, further hampering relief efforts.

As a result, approximately 1.6 million people are still living in temporary shelters or makeshift tents, with limited access to basic services and basic living conditions. In addition, three million people had to flee their homes due to the disaster. (HA/VK)

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