site.btaWorld Bank Gives USD 1 Bln to Turkiye for Post-Earthquake Recovery

The World Ban will give a loan of USD 1 billion to Turkiye for recovery after the devastating earthquakes in February, said Turkish Finance Minister Mehmet Simsek on X, former Twitter.

Simsek said that the loan will have a 5-year grace period and will mature n 18 years at a rate equal to Euribor+74 bp.

„Global financial support to heal the wounds from the disaster of the century...  With the support and possibilities, provided by the international community and with our own resources, we’ll continue to work and mobilize all our efforts so that the region can return swiftly to its old days, We are thankful for the support of the World Bank,” wrote Minister Simsek.

The money will be distributed in the following way: USD 296.5 million to the Environment 6and Urbanisation, USD 252.2 million to the Health Ministry and USD 388.3 million to Ilbank.

Over 50,000 died in the devastating earthquakes, measuring 7.6 and 7.7, on February 6. Many buildings were destroyed completely in 11 Turkish provinces, affected by the earthquakes.