World Bank Approves $600 Million Loan for Türkiye

FCHAIN Türkiye Office informs:

Treasury and Finance Minister Mehmet Şimşek announced that the World Bank has approved a $600 million loan to be used for the reconstruction of small industrial sites affected by the February 6 earthquakes. He stated, “With this loan, the total amount of financing approved by the World Bank for our country in 2024 has approached $3.7 billion.”

Minister provided an assessment of the ongoing cooperation with the World Bank. He recalled that following the announcement of the Medium-Term Program last year, the World Bank decided to increase the amount of resources allocated to Türkiye by adding $18 billion to the existing $17 billion program, raising the total to $35 billion. Şimşek also noted that the Country Partnership Framework Program for Türkiye was recently discussed and enacted by the Bank’s Executive Directors Board.

Minister of Treasury and Finance Mehmet Şimşek provided details about new financing from the World Bank, stating, “The World Bank has approved a $600 million loan for the reconstruction of small industrial sites affected by the February 6 earthquakes and for the continuation of business operations in the region.

This loan will be used for the financing of the Türkiye Small Industrial Sites Reconstruction and Regional Economic Recovery Project, which will be implemented by the Ministry of Industry and Technology.”

Şimşek explained that this loan will be used to build disaster-resistant and low-emission small industrial sites in areas deemed disaster zones after the earthquake. The aim is to ensure the continuity and sustainability of micro, small, and medium-sized enterprises in the affected region.

Emphasizing the importance of the ongoing cooperation with the World Bank, Şimşek noted, “With this loan, the total amount of financing approved by the World Bank for our country in 2024 has approached $3.7 billion. Additionally, the total financing approved by the World Bank for projects related to the earthquake-affected provinces has reached approximately $2 billion. This financing also reflects the World Bank’s confidence in our country and our economic program.”