European bank to invest up to $1.6B in Türkiye’s quake-hit region

ANKARA – The European Bank for Reconstruction and Development (EBRD) will invest up to €1.5 billion ($1.6 billion) in southern Türkiye over the next two years after powerful earthquakes shook the region on Feb. 6.
The EBRD aims to support the recovery, reconstruction and reintegration of the region’s economy to preserve human capital, livelihoods and jobs in the affected cities, the bank said in a statement on Thursday.
The bank provides €600 million in credit lines to local lenders for businesses and individuals directly affected by the earthquakes, as well as new lending to companies participating in recovery and reconstruction efforts in the area.
It will also support the reconstruction of sustainable infrastructure in the affected cities, cooperating with municipalities such as Hatay and Gaziantep.
The bank will also focus funds on the reconstruction of the railway network to re-establish connectivity between the southeastern region and the rest of the country.
Arvid Tuerkner, EBRD's managing director for Türkiye, said: "The EBRD’s response of up to €1.5 billion is substantial and reflects the Bank’s commitment to Türkiye, particularly in these painful and challenging times."
"We will work with the authorities and our partners across sectors to rebuild and reintegrate the region’s economy, while strengthening its green credentials, resilience and competitiveness," he added. (Anadolu)