Finance European bank offers $100m for Turkey’s quake recovery By Pramod Kumar November 8, 2023 Reuters/Maxim Shemetov Nearly $80 million will be used for earthquake recovery and reconstruction efforts in southeast Turkey The European Bank for Reconstruction and Development (EBRD) will offer $100 million (€93.58) in financing to Türkiye İş Bankası (İşbank), the largest private bank in Turkey, to support earthquake reconstruction efforts and women-led small and medium enterprises (SMEs). The facility will invest in rated bonds issued under İşbank’s existing diversified payment rights programme. Nearly $80 million will be used to promote recovery and reconstruction efforts in the southeastern region of Turkey, which has been hit by a series of earthquakes that caused widespread damage. Construction activity up in Turkey due to earthquakes Turkish 2024 budget allocates $37bn for quake-hit regions European bank ups Turkey’s GDP growth to 3.5% in 2023 The facility will expand financing opportunities for companies involved in recovery and reconstruction efforts through essential service, management or supply contracts with relevant organisations. The disaster-response financing will fall under the EBRD’s $641.17 million Turkey disaster response framework that provides credit lines to businesses and individuals in the affected region. The EBRD previously announced a $1.6 billion two-year investment plan for the region to reduce the economic impact of the disaster. Around $20 million of the financing will be provided to support women-led SMEs in Turkey. EBRD has invested more than $19.24 billion in the Turkish economy, mainly in the private sector.