World Bank's contribution to Türkiye reaches $3.7 billion

ANKARA

With the approved loan of $600 million, the amount of financing provided by the World Bank for Türkiye in 2024 is close to $3.7 billion, Treasury and Finance Minister Mehmet Şimşek has announced.

The loan of $600 million ensures the sustainability of economic activities in the region by building disaster-resistant and low-emission small industrial sites in the earthquake-ravaged region, Şimşek told state-run Anadolu Agency.

The World Bank had decided to increase its $17 billion support to Türkiye under the medium-term program to $35 billion by adding another $18 billion, Şimşek also reminded.

“In addition, the amount of financing approved by the World Bank so far for projects in earthquake-affected provinces has reached approximately $2 billion,” he said.

“This financing is an indication of the World Bank's confidence in our country and our economic program,” the minister emphasized.

Şimşek also stated that the government continues to cooperate with the World Bank on projects in the disaster area to revive regional industry, which made a significant contribution to the economy before the earthquake, and to strengthen employment.

On July 29, the World Bank Board approved $600 million in financing to continue supporting the revival of the micro-enterprises that were destroyed or badly damaged by the devastating earthquakes that hit Türkiye in February 2023.

The aim of the Türkiye Small Industrial Estates Reconstruction and Regional Economic Recovery Project is to help revitalize economic activity in four of the 11 provinces that were badly impacted by the earthquakes, the bank said in a statement.

The project will finance the establishment of seven small industrial estates (SIEs) that will be home to 1,600 micro-enterprises that produce crafts and goods or provide services.