The World Bank will provide $500 million in financing for preserving employment in the earthquake region.

Turkey has secured $500 million in new external financing for preserving employment in the earthquake region and creating additional employment opportunities for businesses. According to information obtained from the Ministry of Treasury and Finance, Turkey continues its efforts to provide favorable and long-term external financing in various fields, while the flow of resources to the earthquake region remains steady. The Ministry’s efforts include the approval of the second phase of the “Creating Registered Employment Project” for the earthquake region by the World Bank’s Board of Executive Directors. 11 PROVINCES TO BENEFIT The project will entail $500 million in financing provided by the World Bank to the Turkey Development and Investment Bank under Ministry guarantees. The project will benefit 11 provinces affected by earthquakes, including Adana, Adıyaman, Diyarbakır, Elazığ, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Osmaniye, and Şanlıurfa, as well as 7 neighboring provinces consisting of Batman, Bingöl, Kayseri, Mardin, Niğde, Sivas, and Tunceli. The aim is to provide long-term financing to SMEs and large-scale businesses operating in these provinces to preserve and create additional employment opportunities. “WE ARE CONTINUING OUR WORK WITH DETERMINATION” Minister of Treasury and Finance Mehmet Şimşek also made a statement on the matter. Şimşek highlighted the extensive reconstruction efforts in the region following the earthquakes centered in Kahramanmaraş on February 6, 2023. He stated, “We prioritize efforts that will mitigate the negative impacts of disasters on the regional economy and accelerate economic recovery. In this context, our cooperation with international organizations, particularly the World Bank, continues to be strong. Our work in the areas of supporting value-added investments, increasing production and exports, and strengthening employment is steadfastly continuing within the framework of our economic program aimed at achieving sustainable prosperity.”