The World Bank will provide $500 million in financing to protect employment in the earthquake zone. Turkey has secured $500 million in new external financing for businesses to protect and create additional employment in the earthquake zone. According to information obtained from the Ministry of Treasury and Finance, Turkey continues its efforts to secure conditional and long-term external financing in various areas, with the flow of resources to the earthquake zone not slowing down. The Ministry’s efforts have led to the approval of the “Creating Registered Employment Project” for the earthquake zone by the World Bank Board of Executive Directors.

11 PROVINCES TO BENEFIT
As part of this project, $500 million in financing will be provided by the World Bank to Turkey Development and Investment Bank Inc. (TKYB) under the Ministry’s guarantee. 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 including 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 protect and create additional employment.

“WE CONTINUE OUR WORK WITH DETERMINATION”
Minister of Treasury and Finance Mehmet Şimşek also made a statement regarding the issue. Şimşek noted that intense reconstruction activities have been carried out in the region following the earthquakes in Kahramanmaraş on February 6, 2023. He emphasized the importance of efforts to reduce the negative impact of the disaster on the regional economy and accelerate economic recovery. In this context, our cooperation with international organizations, especially the World Bank, continues strongly. Within the framework of our economic program with the ultimate goal of permanent increase in welfare, we are determined to continue our work in supporting value-added investments, increasing production and exports, and strengthening employment.