Skip to content Skip to Search
Skip navigation

European bank offers $100m for Turkey’s quake recovery

By Pramod Kumar
Nearly $80 million will be used for earthquake recovery and reconstruction efforts in southeast Turkey Reuters/Maxim Shemetov
The IsDB funding will support private sector investments in 17 earthquake-affected provinces

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.

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.

Latest articles

Acwa Power has 75 assets in various development stages and operations in the Middle East, Africa, Central Asia and Southeast Asia

Acwa Power secures $3bn for Saudi renewable projects

Saudi renewables major Acwa Power has secured funding of SAR11.4 billion ($3 billion) for two projects in the kingdom. The company signed a debt financing agreement worth SAR5.7 billion for the development and construction of a 1,800 megawatt (MW) combined cycle power plant in Madinah. It also signed a deal to obtain SAR5.7 billion in funding […]

UAE minister of industry and advanced technology and Adnoc group CEO Dr Sultan Ahmed Al Jaber (top centre) will become chairman of AIQ

Presight takes majority stake in Adnoc-G42 AI venture

The data analytics company Presight is acquiring a majority stake in AIQ, a joint venture between Abu Dhabi National Oil Company (Adnoc) and G42. Under the agreement, Presight, an Abu Dhabi-listed company, will own 51 percent of AIQ, with Adnoc keeping the remaining 49 percent, a statement released on Wednesday said.  Previously, G42 held 40 […]

ADQ listed its bonds on the London Stock Exchange, which it called a 'significant step' in diversification

ADQ’s first $2.5 billion bond issue four times oversubscribed 

Sovereign wealth fund ADQ has issued its first bonds, selling $2.5 billion of debt on the London Stock Exchange, in what the company says marks a “significant step” in diversifying its funding sources. Founded in 2018, ADQ – Abu Dhabi Developmental Holding Co – is one of three major Abu Dhabi sovereign funds and has […]

Saudi Arabia is looking to shift traffic to its railways to improve road safety and reduce carbon emissions from car usage

Passenger numbers on Saudi trains leap 23% in a year

Passenger traffic on Saudi railways rose 23 percent year on year to 2.7 million people in the first quarter of 2024, the state operator said this week, as the kingdom pushes to improve infrastructure before a 2030 deadline.  The railway system also saw a 9 percent rise in the volume of minerals and goods transported, […]