World Bank adds $1B, totaling $4B for Türkiye’s earthquake recovery

Humberto Lopez, the World Bank‘s Country Director for Türkiye, announced that a total of $4 billion in funding has been allocated for the earthquake-affected regions in Türkiye.

This includes $3 billion already provided and an additional $1 billion for 2025. Lopez shared this update alongside Wiebke Schloemer, the International Finance Corporation (IFC) Director for Türkiye and Central Asia, at a press conference in Istanbul.

Why it matters

This funding is part of the World Bank’s ongoing support for Türkiye’s recovery from the earthquake.

The financial assistance will focus on rebuilding critical infrastructure, strengthening the healthcare system, and enhancing the overall economic resilience of the affected regions.

These efforts aim to address the long-term consequences of the disaster and support Türkiye’s broader economic stability.

Details

• Funding details: Lopez confirmed that $4 billion in total will be allocated for recovery efforts. Of this, $3 billion has already been provided, with an additional $1 billion set for 2025.
• Public-private partnerships: The World Bank and IFC are working together on projects under a public-private partnership model. These initiatives will focus on rebuilding infrastructure, improving healthcare facilities, and providing liquidity support to businesses impacted by the earthquake.
• Strategic projects: Lopez mentioned Türkiye’s ambition to become a logistics hub, emphasizing the country’s strategic geographical position. Key infrastructure projects, such as the “Middle Corridor,” the “Development Road Project,” and railway projects, aim to improve connectivity across regions.
• Energy transition: Lopez also pointed out Türkiye’s shift towards renewable energy, particularly solar and wind power, which is helping to reduce the country’s reliance on coal, oil, and gas imports. This transition is expected to improve Türkiye’s balance of payments.
• Türkiye’s potential: Both Lopez and Schloemer stressed Türkiye’s strategic importance because of its location, young workforce, and resilience. They noted that Türkiye is a key player in the region, and its recovery and continued growth are crucial for regional stability. Schloemer also pointed out that Türkiye serves as a model for other countries in the region.

Zoom in

The $4 billion funding package provides immediate relief while also laying the foundation for long-term economic development.

This comprehensive support will focus on rebuilding infrastructure, transforming the energy sector, and fostering economic growth in Türkiye’s earthquake-affected regions.

Zoom out

This initiative is part of Türkiye’s broader strategic goals to enhance infrastructure connectivity and establish itself as a central logistics hub.

The World Bank’s support also emphasizes the role of international cooperation in Türkiye’s recovery, with potential lessons for other countries facing similar challenges.