A new $500 million financing package has been signed between the World Bank and the Development and Investment Bank of Türkiye (TKYB) through the initiatives of the Treasury and Finance Ministry to support businesses in the earthquake-affected regions, according to a report on Monday.
This brought the total international financing for regions impacted by the devastating earthquakes that struck Türkiye in early 2023 to $6.4 billion, the report said.
According to information obtained by an Anadolu Agency (AA) correspondent, the ministry continues to secure financing from abroad for regions affected by the earthquakes that occurred on Feb. 6, 2023.
Accordingly, agreements for financing TKYB under the Formal Employment Creation Project – developed to support economic recovery and increase employment in the earthquake-affected regions and approved by the World Bank’s Board of Executive Directors – were signed on May 23.
As part of this, the $500 million in financing will be directed to businesses operating in 11 provinces: Adana, Adıyaman, Diyarbakır, Elazığ, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Osmaniye and Şanlıurfa, as well as seven neighboring provinces: Batman, Bingöl, Kayseri, Mardin, Niğde, Sivas and Tunceli.
The project aims to preserve existing jobs and create new employment opportunities by meeting the investment and working capital needs of regional companies.
With the signing of this project, the total amount of international financing secured for regions affected by the Feb. 6 earthquakes has reached $6.4 billion. Of this amount, approximately $2.4 billion is being used to support the real sector and exporters.
Treasury and Finance Minister Mehmet Şimşek emphasized that, within the framework of the economic program, they prioritize policies that support employment, encourage value-added production and increase access to financing under favorable conditions.
"In this regard, the resources secured through strong cooperation with international organizations are being effectively directed to the real sector and are contributing to our sustainable growth goal," he said.
