EBRD allocates $543M for earthquake recovery in Turkey
The European Bank for Reconstruction and Development (EBRD) is set to provide $543 million in financing to help rebuild areas in southern Turkey affected by last year's severe earthquakes.
This funding, agreed upon with the Turkish Treasury and Finance Ministry, targets essential services including water, sewage, solid waste management, and transportation through local municipalities.
Following the February 6 earthquakes, which claimed thousands of lives across 11 Turkish provinces, the EBRD was one of the initial international bodies to step in with aid. This new allocation is part of a broader €1.5 billion package aimed at revitalizing both the public and private sectors in the devastated regions. Of this, €800 million has already been directed towards supporting private enterprises, small and medium-sized businesses, and local banks within the earthquake zones.
EBRD’s First Vice President Jurgen Rigterink recently led a delegation to Turkey, culminating in the signing of the agreement with Turkish Treasury and Finance Minister Mehmet Simsek. The ministry announced that the planned support would roll out over 2024 and 2025, marking a significant step towards recovery and reconstruction in the quake-stricken areas.
