The World Bank will provide 500 million dollars in financing to preserve employment in the earthquake region.

Turkey has secured 500 million dollars of new external financing for businesses to preserve and create additional employment in the earthquake region. According to information from the Ministry of Treasury and Finance, Turkey continues its efforts to provide suitable conditional and long-term external financing in various areas, while ensuring a continuous flow of resources to the earthquake region. The Ministry’s efforts led to the approval of the “Registered Employment Creation Project” for the earthquake region by the World Bank’s Board of Executive Directors. Eleven provinces will benefit from this project, which will provide 500 million dollars in financing to Turkey Development and Investment Bank Inc. (TKYB) under the Ministry’s guarantee. The project will benefit the provinces affected by earthquakes, including Adana, Adıyaman, Diyarbakır, Elazığ, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Osmaniye, and Şanlıurfa, as well as the neighboring provinces of Batman, Bingöl, Kayseri, Mardin, Niğde, Sivas, and Tunceli. The aim is to provide long-term financing to SMEs and large-scale enterprises operating in these provinces to preserve and create additional employment. Finance and Treasury Minister Mehmet Şimşek also provided remarks on the matter. Şimşek emphasized their intensive reconstruction efforts in the region following the earthquakes centered in Kahramanmaraş on February 6, 2023. He stated, “We prioritize efforts that will reduce the negative impact of disasters on the regional economy and accelerate economic recovery. In this context, our collaboration with international organizations, especially the World Bank, continues to be robust. We are steadfast in our efforts to support value-added investments, increase production and exports, and strengthen employment within the framework of our economic program with the ultimate goal of achieving sustainable prosperity.”