New external funding brings Turkey earthquake relief aid to $3.8 billion so far

Turkey has received an additional 250 million euros ($270.6 million) in funding and has received $3.8 billion from international organizations so far to heal the wounds of the region affected by devastating earthquakes that struck the country's southeast last year, a senior official said Wednesday.

Treasury and Finance Minister Mehmet Simsek announced that the latest funding was provided by the Council of Europe Development Bank as part of the reconstruction efforts.

Simsek stressed that efforts are continuing to provide foreign funding on favorable terms from international organizations to rebuild the region after the earthquakes that struck Kahramanmaraş, and said: “In this context, Turkey has received an additional 250 million euros from the Council of Europe Development Bank for health infrastructure expenditures in the earthquake zone.”

The earthquakes caused massive damage, killing more than 53,000 people and destroying or rendering thousands of buildings uninhabitable. Turkish authorities had previously estimated the economic losses caused by the earthquakes at $104 billion.

Simsek pointed out the importance of the resources for the earthquake zone, noting that the funding aims to contribute to improving and rebuilding the needs that arise in the settlements affected by the earthquake, as well as strengthening the health system.

The minister pointed out that Turkey had received a large amount of resources from international organizations to heal the wounds caused by the earthquake, recalling the recent agreement with the Japan International Cooperation Agency (JICA).

He explained that “the government recently signed a loan agreement with the Japan International Cooperation Agency to provide 60 billion yen ($371.5 million) to finance the framework project for reconstruction in Turkey after the earthquake.” This funding will be used to support the infrastructure works of the İler Bank in the earthquake zone, the construction of rural housing in the earthquake zone by the Ministry of Environment, Urbanization and Climate Change, and the health infrastructure works by the Ministry of Health.”

Simsek pointed out that the European Bank for Reconstruction and Development announced a financing package of 1.5 billion euros for the earthquake zone, adding that they also received external financing for this purpose from the World Bank, the European Investment Bank, the Islamic Development Bank, and the Asian Infrastructure Investment Bank.

He stated that $3.8 billion has been collected so far to alleviate the problems in the earthquake-affected areas and improve the quality of life of the population. He said, “These resources provided are an indication of confidence in Turkey's potential and rational policies that are in line with international standards.”

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