External financing secured for quake relief reaches $6.4 billion

ANKARA

The total amount of external financing secured for the economic development of the regions hit by the devastating February 2023 earthquakes has reached $6.4 billion.

Recently, an agreement was signed with the World Bank regarding $500 million in funding to create inclusive jobs and revitalize the economy in the areas affected by the quakes.

The World Bank board approved the $500 million funding in April under the Formal Employment Creation Project and the respective agreement was signed on May 23.

This fresh funding will be extended to the Small and Medium Enterprises (SMEs) in 18 provinces through the Development Investment Bank of Türkiye (TYKB).

The project aims to preserve existing employment and create additional job opportunities by meeting the investment and working capital needs of businesses in the region.

“We continue to utilize long-term and suitable external resources to heal the earthquake wounds and support economic activities in the region,” Finance Minister Mehmet Şimşek wrote on X, commenting on the latest funding.

With this latest funding, the total financing secured from international organizations for the regions affected by the February 6 earthquakes has reached $6.4 billion.

Approximately $2.4 billion of this financing has been allocated to support the real sector and exporters.