EBRD providing $543M financing for Türkiye's quake-hit region

ANKARA

Under a pact signed with the Turkish Treasury and Finance Ministry, the European Bank for Reconstruction and Development (EBRD) will provide financing worth €500 million ($543 million) to support regions hit by last year’s devastating earthquakes in southern Türkiye.

The EBRD was among the first international financial institutions to provide support after the Feb. 6 earthquakes.

The bank previously announced a €1.5 billion financing package to the public and private sectors for the reconstruction of the region.

Within this framework, €800 million was provided to private sector projects, SMEs, and local banks in the earthquake zone.

On Feb. 6, 2023, twin devastating earthquakes hit 11 Turkish provinces and caused thousands of deaths.

An EBRD delegation, headed by its First Vice President Jurgen Rigterink, met with Turkish Treasury and Finance Minister Mehmet Simsek to sign the new pact, said the ministry on Tuesday.

The financing support will be made available to local municipalities for the water, sewage, solid waste, and transportation sectors.

The support is expected to be provided in 2024 and 2025.

*Writing by Gokhan Ergocun