Neighborhood destroyed after the strong earthquakes in early February, in Hatay, Turkey, on March 7, 2023. OZAN KOSE / AFP
The European Bank for Reconstruction and Development (EBRD) announced on Thursday March 9 its intention toto invest up to 1.5 billion eurosover the next two years in the regions of Turkey affected by the devastating earthquakes in February.
The EBRD thus countssupport the recovery, reconstruction and reintegration of the region’s economy“in order to preserve”livelihoods and jobs in affected towns“, she announced in a press release.
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Support for reconstruction
“This is one of the most devastating crises witnessed in Turkey and even in Europe for more than a century and the impact on the population and the economy is extremely serious.“Said Arvid Tuerkner, Managing Director of the EBRD for Turkey, quoted in the press release. The sum invested will include 600 million euros in credit lines to local banks for directly affected businesses and individuals, as well as new loans to businesses participating in recovery and reconstruction efforts in the region.
The EBRD says it wants to support reconstruction “sustainable infrastructureand will also focus funds on rebuilding the rail network to restore connectivity between the southeastern region and the rest of the country. The only material damage caused by the earthquake in Turkey “exceed $100 billion(94.7 billion euros), according to a summary calculation Tuesday by the World Bank, the UN, the European Union and the Turkish government.
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First institutional investor
The February 6 quake of magnitude 7.8, followed by another nine hours later of magnitude 7.6, killed nearly 46,000 people and injured 105,000 in Turkey, according to non-final reports. It also destroyed or condemned 214,000 buildings, sometimes more than ten stories high, in 11 of Turkey’s 81 provinces. Nearly 6,000 people also lost their lives in Syria, according to the authorities.
The EBRD, founded in 1991 to help countries of the former Soviet bloc transition to a market economy, has since extended its scope to include countries in the Middle East and North Africa. She is “the first institutional investor in Turkey“, having brought”nearly 17 billion euros in the country since 2009“, she says in her press release.
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