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Turkey secures $100m for post-quake reconstruction

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 Industrial Development Bank of Turkey (TSKB) has secured a $100 million loan from the Jeddah-based Islamic Development Bank (IsDB) Group to reconstruct earthquake-affected regions.

The financing from the IsDB Group will support private sector investments in 17 earthquake-affected provinces.

The loan will play an important role in fostering the sustainable economic recovery of the region, the development bank said in a statement.

“Our objective is to deliver not just a restorative impact but also to make a significant and sustainable difference in the region. We will contribute to the restoration of competitiveness and growth of employment in these provinces through investments,” said TSKB chief executive Murat Bilgic.

The European Bank for Reconstruction and Development (EBRD) last month said it would offer $100 million 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.

EBRD said in February that the devastating earthquake could result in a loss of up to one percent of the country’s gross domestic product this year.

The earthquakes in Turkey and neighbouring Syria on February 6 killed more than 41,000 people and left millions in need of humanitarian aid, with many survivors having been left homeless in near-freezing winter temperatures.

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