Türkiye has secured $500 million in new financing from abroad, tailored for preserving employment and creating additional jobs in areas affected by the devastating February 2023 earthquakes, a report said on Tuesday.
The funding will be provided by the World Bank and marks the second of the "Registered Employment Generation Project" for the southeastern provinces hit by the disaster over two years ago.
It is the latest among Turkish authorities' efforts to secure favorable and long-term external financing, with a specific focus on funneling resources to the earthquake-hit areas.
The tremors 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.
The new financing has been approved by the World Bank’s board of executive directors and will be channelled to Development Investment Bank of Türkiye (TKYB) under the guarantee of the Treasury and Finance Ministry, Anadolu Agency reported.
Treasury and Finance Minister Mehmet Şimşek on Tuesday emphasized the importance of efforts to mitigate the disaster's negative impact on the region’s economy and accelerate economic recovery.
The project will benefit 11 provinces directly affected by the earthquakes, including 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 initiative aims to protect current employment levels and facilitate the creation of additional jobs by providing long-term financing to small and medium-sized enterprises (SMEs) and large-scale companies operating in these provinces.
Şimşek highlighted the ongoing rebuilding efforts and said authorities "prioritize initiatives that reduce the disaster’s negative impact on the regional economy and accelerate economic recovery."
"In this context, we are maintaining strong collaboration with international organizations, particularly the World Bank," the minister was quoted as saying by AA.
"Under our economic program, which ultimately aims for sustainable prosperity, we are committed to supporting value-added investments, boosting production and exports, and strengthening employment."
