New wave of international funding to Türkiye’s earthquake zone

ANKARA

Türkiye has secured $500 million in new external funding to support businesses in areas affected by the February 2023 earthquakes, with the goal of protecting existing jobs and creating new employment opportunities.

According to information gathered by Anadolu from the Treasury and Finance Ministry, Türkiye remains committed to securing long-term financing across various sectors, with a steady flow of resources directed toward the earthquake-hit region.

The World Bank has approved the second phase of the "Formal Employment Creation Project", which is being implemented by the ministry. Under this initiative, $500 million in funding will be provided to the Development and Investment Bank of Türkiye with a government guarantee.

The project will benefit 11 provinces directly impacted by the earthquakes—Adana, Adiyaman, Diyarbakir, Elazig, Gaziantep, Hatay, Kahramanmaras, Kilis, Malatya, Osmaniye, and Sanliurfa—as well as seven neighboring provinces: Batman, Bingol, Kayseri, Mardin, Nigde, Sivas, and Tunceli.

This funding aims to provide long-term financial support to small, medium, and large businesses in these provinces, ensuring job stability and fostering economic growth.

"We are working with determination"

Treasury and Finance Minister Mehmet Simsek stressed the government's commitment to rebuilding the region after the devastating February 6, 2023, earthquakes.

"We are focused on reducing the disaster’s economic impact and accelerating recovery," Simsek said, adding:

"Our cooperation with international organizations, especially the World Bank, remains strong."

He noted that the government is determined to support value-added investments, increase production and exports, and strengthen employment under the economic program, which aims to ensure long-term prosperity.