World Bank Loans Türkiye $600 Million to Boost Earthquake Recovery Efforts

Turkish Finance Minister Mehmet Simsek announced on Tuesday that the World Bank's recent approval of a $600 million loan brings the total financing provided to Turkey in 2024 to nearly $3.7 billion.

This loan aims to support the establishment of disaster-resistant, low-emission small-scale industrial sites in earthquake-affected areas, contributing to the sustainability of economic activities.

Simsek stressed that the World Bank increased its support to Turkey under the medium-term program from $17 billion to $35 billion, which reflects an additional financing of $18 billion.

This increase confirms the World Bank's commitment to Türkiye and its efforts to achieve economic recovery.

So far, the World Bank has approved about $2 billion in financing specifically for projects in the earthquake-affected provinces.

This funding is a major support to Türkiye's economic programme and recovery strategies.

Simsek stressed the ongoing cooperation between the government and the World Bank to revitalize regional industries and boost employment opportunities in areas severely affected by the earthquake.

This partnership aims to restore economic activity in the region, which was a major contributor to the Turkish economy before the disaster.

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