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Turkey gets $100m US loan for quake zone development

By Pramod Kumar
REUTERS/Maxim Shemetov
A construction vehicle takes apart a damaged building in the aftermath of a deadly earthquake in Hatay, Turkey, on February 19, 2023

Turkey’s Sekerbank has signed a $100 million loan agreement with the US International Development Finance Corporation (DFC) to develop the country’s earthquake-hit region. 

The bank will also allocate $33 million from its own resources to increase the total amount to $133 million.

The seven-year loan will also finance women’s businesses and small and medium-sized enterprises (SMEs).

The project follows $235 million in US government support and over $110 million in US corporate donations immediately following the February 6 earthquakes. 

Jeffry Flake, US ambassador to Turkey, said: “This loan is a tremendous step towards supporting the earthquake-affected communities in Turkey.”

Agnes Dasewicz, chief operating officer, DFC, said that the commission’s commitment to bolster Şekerbank’s ability to provide financing for women-owned businesses will help to ensure that as these communities rebuild, their economies grow stronger and more inclusive for the long term.

Şekerbank chairman Hasan Basri Goktan said the loan will be extended with maximum financial inclusion. 

“During the seven-year term, we target providing financing to approximately 350,000 SMEs, 80 percent of which are micro and small enterprises.,” he added.

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