The European Bank for Reconstruction and Development provides 30 million euros for earthquake zones in Türkiye

ISTANBUL (Reuters) – The European Bank for Reconstruction and Development (EBRD) will provide long-term financing worth 30 million euros ($32.50 million) to Turkey's Renaissance Gayremenkul Yatirim Foundation to support areas affected by last year's earthquakes.

The company said in a statement that the loan will be provided to the subsidiary of the Turkish Renaissance Holding Company, which deals with commercial real estate development and investment.

She said the funds will be used to support capital expenditures for two shopping centers in the southeastern provinces of Kahramanmaras and Sanliurfa that were hit by the February 2023 earthquakes. The loan will be backed by a European Union guarantee.

The war in Israel and Gaza

The statement said the funding will also help support businesses and livelihoods in the region facing labor shortages following migration from the region following the disaster.

Anatolia News Agency reported that the Turkish Treasury and the European Bank for Reconstruction and Development signed, on Tuesday, a memorandum of understanding for financing worth 500 million euros to support efforts to revive the earthquake zone.

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(Reporting by Seda Caglayan; Writing by Ezgi Erkoyun; Editing by Ross Russell)

Copyright 2024 Thomson Reuters.

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