Türkiye secures nearly $4B in international funding for Feb. 6 earthquake reconstruction

International financing for the reconstruction of Türkiye’s earthquake-hit regions has reached nearly $4 billion, according to Treasury and Finance Minister Mehmet Simsek.

The minister highlighted ongoing collaborations with international financial institutions to secure funding aimed at rebuilding the region devastated by the Kahramanmaras-centered earthquakes that occurred on Feb. 6, 2023.

$4 billion secured for 2023 and 2024

“Rebuilding the region is among our top priorities, and we continue to activate low-cost financing support from international institutions for use in the affected areas,” Simsek told Anadolu Agency.

Republic of Türkiye’s Minister of Finance Mehmet Simsek also posted on X, formerly known as Twitter about the financing situation.

UIuslararası kuruluşlardan deprem bölgesinin yeniden inşasına yönelik uygun koşullarda sağladığımız kaynak 4 milyar dolara ulaştı. https://t.co/UezGFtdjDC

— Mehmet Simsek (@memetsimsek) August 30, 2024

Simsek noted the significance of these partnerships, stating, “In 2023 and 2024, we secured approximately $4 billion in external financing under earthquake funding. Discussions are ongoing to secure an additional $2 billion in funding by the end of this year. Our efforts to obtain favorable external financing from financial institutions will continue, both for the earthquake-hit region and for the development of our country.”

Infrastructure rehabilitation supported by international loans

Emphasizing the importance of infrastructure rehabilitation in the region, Simsek said, “Recently, we secured approximately $207 million in long-term financing at below-market interest rates from the Asian Infrastructure Investment Bank. This funding will be used by the General Directorate of Highways to finance the renewal and improvement of roads, tunnels, and bridges damaged by the earthquake.”

Simsek also said, “We highly value the support from the bank, which has stood by us since last year in our efforts to heal the wounds caused by the earthquake.”

Financial support reflects confidence in Türkiye’s recovery program

Further elaborating on the ongoing financial support, Simsek mentioned that the Islamic Development Bank is working to provide $100 million in financing to Türk Eximbank to support exporters in the earthquake region and promote green transformation.

Additionally, the International Islamic Trade Finance Corporation has secured $100 million for the Development and Investment Bank of Türkiye to support international trade for businesses affected by the earthquake, while the Industrial Development Bank of Türkiye has received $50 million.