Türkiye, World Bank sign deal for $1B quake-financing

Türkiye and the World Bank on Friday signed the deal of $1 billion in financing to support the earthquake-ravaged southern region.

The Türkiye Earthquake Recovery and Reconstruction Project will help restore health services, rebuild damaged or destroyed municipal infrastructure, and repair and rebuild rural homes damaged or destroyed by the twin earthquakes that struck southern Türkiye on Feb. 6.

More than 50,000 people were killed by earthquakes with magnitudes 7.7 and 7.6 that hit 11 provinces, which are home to about 14 million people.

The World Bank announced the approval of the financing on June 27.

Some $296.5 million of the loan will be used in the projects of the Ministry of Environment, Urbanization, and Climate Change, $252.2 million in the Ministry of Health and $388.3 million in Iller Bank (ILBANK) projects.

Commenting on the financing, Treasury and Finance Minister Mehmet Şimşek said: "With the support and opportunities provided by both international and domestic parties, we will continue to work with all our strength so that the region can quickly return to its old good days."