World Bank approves funds to ignite business in quake-stricken regions

By News Centre

With the initiatives of the Ministry of Treasury and Finance, a
new financing package of $500 million was signed with the World
Bank for the Turkish Development and Investment Bank (TKYB) to
support businesses in the earthquake zone. Following the
earthquakes that occurred on February 6, 2023, the Ministry
continues to provide financing from abroad for the regions affected
by this disaster.

Accordingly, agreements regarding the provision of financing to
TKYB within the scope of the Registered Employment Creation
Project, which was developed to support economic recovery and
increase employment in the earthquake-affected regions and was
approved by the World Bank Executive Directors Board, were signed
on May 23.

In this context, financing of $500 million will be directed to
businesses operating in 11 provinces — Adana, Adıyaman, Diyarbakır,
Elazığ, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Osmaniye,
and Şanlıurfa — as well as 7 neighbouring provinces, including
Batman, Bingöl, Kayseri, Mardin, Niğde, Sivas, and Tunceli.

The project aims to protect existing employment and create
additional employment opportunities by meeting the investment and
working capital needs of companies in the region.

With this project, for which the agreements have been finalised,
the total amount of financing provided by international
organisations for the regions affected by the February 6
earthquakes has reached $6.4 billion. Approximately $2.4 billion of
this financing has been used to support the real sector and
exporters.

Minister of Treasury and Finance Mehmet Şimşek also pointed out
that they prioritize policies that support employment, encourage
value-added production, and increase access to financing under
favorable conditions within the framework of the economic program,
and said, “In this regard, resources provided within the scope of
strong collaborations with international organizations are
effectively directed to the real sector and contribute to our
sustainable growth target.”

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