By News Centre
In a recent development, the Turkish Ministry of Treasury and Finance has secured a significant funding package of $500 million from the World Bank aimed at supporting businesses in regions affected by the recent earthquakes. This initiative comes in response to the devastating quakes that struck on February 6, 2023, and highlights the Ministry’s ongoing efforts to provide financial assistance to these impacted areas.
On May 23, agreements were signed to channel this funding to the Turkish Development and Investment Bank (TKYB) as part of the Registered Employment Creation Project. This project aims to boost economic recovery and create job opportunities in the earthquake-hit regions.
The funding will be allocated to businesses in 11 provinces, including Adana, Adıyaman, Diyarbakır, Elazığ, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Osmaniye, and Şanlıurfa, along with seven nearby provinces—Batman, Bingöl, Kayseri, Mardin, Niğde, Sivas, and Tunceli.
The primary goal of this initiative is to protect existing jobs and create new employment opportunities by addressing the investment and working capital needs of local companies.
With the signing of these agreements, the total financial assistance provided by international organizations to support areas affected by the February 6 earthquakes has now reached $6.4 billion. Out of this amount, approximately $2.4 billion has specifically been allocated to support the real economy and exporters.
Minister of Treasury and Finance Mehmet Şimşek emphasized the government’s focus on fostering employment, promoting value-added production, and improving access to favorable financing conditions as part of their economic strategy. He stated, "The resources provided through strong partnerships with international organizations are crucial for directing help to the real sector and achieving our goals for sustainable growth."
