Türkiye is set to receive additional financing worth about 400 million euros (nearly $437 million) as part of continued support for the reconstruction and renovation of rural housing in regions impacted by devastating earthquakes over two years ago.
The World Bank will provide 200 million euros, which will be matched equally by the French development agency AFD, or Agence Française de Developpement, the financial institution said in a statement on Tuesday.
The investment will enable the construction of 2,800 resilient housing units, providing shelter to 9,000 people in areas affected by the quakes that ripped through 11 southeastern provinces in February 2023.
The World Bank said additional financing is in support of the $1 billion Türkiye Earthquake Recovery and Reconstruction Project, currently under implementation.
"The project, which was approved by the World Bank Board in June 2023, is aimed at helping restore health services; rebuild damaged or destroyed municipal infrastructure; and repair and rebuild rural homes damaged or destroyed by the earthquakes," the statement read.
The disaster killed more than 50,000 people, displaced more than 3.3 million, and damaged or destroyed over 1.9 million rural and urban housing units.
Treasury and Finance Minister Mehmet Şimşek emphasized that the reconstruction of the region remains one of the government's highest priorities, highlighting the continued collaboration with international financial institutions.
"We expect the financing provided for the earthquake-hit regions to increase further by the end of the year. The trust in Türkiye’s economy and programs is reflected in our ability to secure external funding," Şimşek said.
“These resources are the result of rule-based, rational policies aligned with international standards."
The Türkiye Earthquake Recovery and Reconstruction Project has been backed by the Global Facility for Disaster Reduction and Recovery (GFDRR), which helped lay the groundwork for the design of the additional financing.
"The World Bank has been accompanying Türkiye since the day of the earthquakes, sharing our international experience in disaster risk management and reconstruction. And we will continue supporting the people of Türkiye recover from one of the worst natural disasters in the country’s history," said Humberto Lopez, World Bank country director for Türkiye.
"Helping rebuild homes and local economies of the affected communities is our top priority," Lopez noted.
The additional financing will scale up the original project, more than doubling the number of beneficiaries receiving permanent homes from 7,000 to 16,000, the statement said. It will also broaden the scope of rural housing reconstruction to include seven additional provinces affected by the 2023 quakes.
The reconstruction efforts follow a "build-back-better" approach, ensuring future resilience against seismic and climate hazards while enhancing energy efficiency. Investments focus on adhering to Türkiye's updated seismic and climate-resilient building codes, sustainable infrastructure, universal access, and long-term disaster resilience through measures like energy and water efficiency.
The World Bank has been a key partner for Türkiye in disaster risk management, housing, health and municipal infrastructure.
Some of the World Bank-supported initiatives include:
