The World Bank has given its approval for $1 billion in financing to Turkey. This funding will be used to help repair and improve rural homes and important public services in areas that were affected by earthquakes.
According to a statement from the World Bank on Wednesday, the Turkiye Earthquake Resilience and Reconstruction Project aims to support the restoration of healthcare services and the rebuilding of municipal infrastructure that has been damaged or destroyed.
The project aims to provide assistance to 11 provinces that were severely affected by the earthquake. These provinces are home to nearly 14 million people.
The Turkish News Agency reported that Humberto Lopez, who is the country director for Turkiye at the bank, stated that the institution is dedicated to supporting Turkiye. They are willing to provide their knowledge and experience in managing disasters and helping with recovery efforts after a disaster.
The bank has also shared that they are putting in $450 million to support micro, small, and medium-sized businesses that have been affected by the earthquake. This initiative aims to prevent these businesses from closing down and to help them keep their employees.
The main objective of the project is to assist small and medium-sized enterprises (SMEs) in the 11 regions affected by the earthquake. The aim is to support these businesses in sustaining and growing their operations.