Turkiye has secured $500 million in new financing from the World Bank to preserve employment and create jobs in areas affected by the devastating February 2023 earthquakes, according to a report on Tuesday.
The funding marks the second phase of the "Registered Employment Generation Project," designed to support southeastern provinces hit by the disaster more than two years ago. It is part of Turkiye’s broader strategy to secure long-term external financing, with a focus on revitalizing quake-affected regions.
The 2023 earthquakes caused over 50,000 deaths, displaced more than 3.3 million people, and damaged or destroyed over 1.9 million rural and urban housing units.
The World Bank’s board of executive directors has approved the financing, which will be channeled through the Development Investment Bank of Turkiye (TKYB) under the guarantee of the Treasury and Finance Ministry, Anadolu Agency reported.
Treasury and Finance Minister Mehmet Simsek emphasized the importance of mitigating the disaster's economic impact and accelerating recovery efforts. The project will directly support 11 provinces—Adana, Adıyaman, Diyarbakir, Elazıg, Gaziantep, Hatay, Kahramanmaras, Kilis, Malatya, Osmaniye, and Sanlıurfa—along with seven neighboring provinces: Batman, Bingol, Kayseri, Mardin, Nigde, Sivas, and Tunceli.
The initiative aims to protect existing jobs and create new employment opportunities by providing long-term financing to small and medium-sized enterprises (SMEs) and large-scale companies in the affected regions.
Simsek highlighted ongoing rebuilding efforts, stressing that authorities prioritize initiatives that reduce the disaster’s economic impact and accelerate recovery.
"We are maintaining strong collaboration with international organizations, particularly the World Bank," he said. "Under our economic program, which aims for sustainable prosperity, we are committed to supporting value-added investments, boosting production and exports, and strengthening employment."
Source: Daily Sabah
Bd-pratidin English/ Jisan
