Skip to content Skip to Search
Skip navigation

EU grants $431m to Turkey for post-quake recovery

The EU grant will help with the repair of Turkey's infrastructure, especially in health, education and water Reuters
The EU grant will help with the repair of Turkey's infrastructure, especially in health, education and water

The European Union (EU) has signed an agreement with Turkey to provide a €400 million ($431 million) grant to support development following the devastating earthquakes in early 2023.

“In the history of this post-disaster relief instrument, this is the largest sum ever awarded to a candidate country. This is also the first time that Turkey receives support from the European Union Solidarity Fund,” state-run Anadolu Agency reported, citing European commissioner for cohesion and reforms Elisa Ferreira.

The fund helps member states and accession countries to handle the financial burden caused by major natural disasters.

She said that the EU has been working with Ankara since the quake disasters took place, adding the grant aims to support the repair of infrastructure, especially in health, education, water, and wastewater.

Ferreira added that the fund will support temporary accommodation, including container cities, as well as secure infrastructure and protect cultural heritage.

“Considering the scale of the devastation, the amount to be released in this agreement will cover only a tiny fraction of our extensive reconstruction efforts,” said Turkish deputy foreign minister Mehmet Kemal Bozay.

The February 6, 2023, earthquakes killed a total of 53,537 people and injured more than 107,000. More than 14 million people were affected, along with many others in northern Syria.

The quakes inflicted a $103.6 billion hit on the Turkish economy, according to the Strategy and Budget Department of the Office of the President.

Latest articles

Groupshot, Person, People

Aramco invests $6bn to bolster local supply chain

Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme. The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation, and electrical and drilling equipment. The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand […]

Sabic said better conditions in its agriculture and automotive businesses are supporting its margins

Sabic reports loss of $747m as product prices tumble

Petrochemicals major Saudi Basic Industries Corporation (Sabic) reported a net loss of SAR2.8 billion ($747 million) in 2023, as average product sales fell by a fifth. The losses were also driven by the discontinuation of operations at Hadeed, its steel manufacturing subsidiary, which resulted in a loss of around SAR4 billion. In September 2023, Sabic […]

Masdar starts work on two UK battery storage projects

Masdar Arlington Energy, a subsidiary of UAE’s Masdar, has started construction on two battery energy storage system (BESS) projects in the UK. The Royle Barn Road plant in Rochdale and Welkin Road plant in Stockport will have a combined capacity of 55 MW and provide enough energy to power 25,700 homes.  Masdar acquired UK-based Arlington Energy in […]

Parkin controls more than 90 percent of Dubai's paid parking provision

Dubai parking operator IPO will fund EV expansion plans

Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services.  The company will release nearly 25 percent of its shares on the Dubai Financial Market next month.  The offering begins on March 5, with a price range to be […]