World Bank loans $600M to Türkiye, boosting earthquake recovery efforts

Finance Minister Mehmet Simsek Tuesday announced that the World Bank’s latest loan approval of $600 million brings the total financing provided to Türkiye in 2024 to nearly $3.7 billion.

This loan is intended to support the construction of disaster-resistant and low-emission small industrial sites in earthquake-affected regions, contributing to the sustainability of economic activities.

Simsek highlighted that the World Bank has increased its support for Türkiye under the medium-term program from $17 billion to $35 billion, reflecting an additional $18 billion in funding.

This increase underscores the World Bank’s commitment to Türkiye and its economic recovery efforts.

To date, the World Bank has approved approximately $2 billion in financing specifically for projects in provinces impacted by the earthquake.

This funding is seen as a significant endorsement of Türkiye’s economic program and recovery strategies.

Simsek reiterated the government’s ongoing collaboration with the World Bank to revitalize regional industries and strengthen employment in areas heavily affected by the earthquake.

This partnership aims to restore the economic vitality of the region, which had been a key contributor to Türkiye’s economy before the disaster.