$512 million disaster financing from the World Bank to Turkey

The World Bank has approved a $512 million loan to Turkey to increase financing for the retrofitting of housing and infrastructure against earthquakes and floods. The World Bank Board of Executive Directors has approved a $512.2 million loan to Turkey to increase access to housing and infrastructure that are resilient to climate and natural hazards. The financing in question was provided for the Climate and Disaster Resilient Cities Project. Of the total project amount, $338.5 million will be provided to the Government of Turkey to develop new and appropriate financing mechanisms for households to retrofit or rebuild their homes to increase their resilience against earthquakes and climate hazards, while $173.6 million will be provided to the Bank of Provinces to provide financing to municipalities to build more resilient infrastructure. According to a statement from the World Bank, 32,000 people will benefit from the loans provided for the reconstruction or retrofitting of at-risk housing. The project will focus on urban areas in the provinces of Istanbul, Izmir, Kahramanmaraş, Manisa, and Tekirdağ.