EBRD to invest 1.5 bln euros in Turkey’s earthquake-hit regions

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The European Bank for Reconstruction and Development (EBRD) said on Thursday that it will invest up to 1.5 billion euros ($1.6 billion) in the next two years to support reconstruction and recovery in the Turkish regions hit by earthquakes last month.

The investment will include 600 million euros of credit lines to local banks for businesses and individuals affected by the earthquakes, as well as lending to companies working in reconstruction.

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The EBRD will also provide funding and advisory to small- and medium-sized enterprises regarding repairing damage and building resilience.

The direct physical damage to the region totals $34 billion, the bank said, adding that the cost of reconstruction will be twice that.

Arvid Tuerkner, EBRD managing director for Turkey, added that the bank stood ready to support the country’s “private sector in its recovery and reconstruction.”

The devastating February 6 earthquake and aftershocks caused damage worth more than $100 billion in Turkey alone, the United Nations said Tuesday.

The international lender predicted the cost to be $5.1 billion in neighboring Syria.

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Turkey earthquake damage estimated to exceed $100 bln: UN

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