The European Bank for Reconstruction and Development (EBRD) will provide funding to support business, rebuild railways and more in Turkey’s earthquake-hit regions.
Following the devastating earthquakes that hit Turkey and Syria in February, the EBRD has announced funding for a range of activities as Turkey moves from emergency response to rebuilding.
The bank has approved €600m of credit lines to local banks to provide to businesses and individuals directly affected by the earthquakes, including for those companies participating in recovery and reconstruction efforts in the area.
Additional funding is also earmarked for reconstruction of sustainable infrastructure in the affected cities and for reconstruction of the region’s railway network to re-establish connectivity between the south-eastern region and the rest of the country.
The bank has a long record of involvement in the region’s municipalities, including Hatay and Gaziantep. This will be built upon with help provided to adopt new technologies and green principles in planned rebuilding projects.
Arvid Tuerkner, EBRD managing director for Turkey, said: “This is one of the most devastating crises seen in Turkey – and Europe for that matter – in over a century and the impact on the population and the economy is extremely severe. The EBRD is ready to support Turkey and its private sector in its recovery and reconstruction efforts by building on its strong track record and existing relationships in the country.
“The EBRD’s response of up to €1.5bn is substantial and reflects the bank’s commitment to Turkey, particularly in these painful and challenging times. We will work with the authorities and our partners across sectors to rebuild and reintegrate the region’s economy, while strengthening its green credentials, resilience and competitiveness.”