World Bank approves $500M loan for employment in 11 hardest-hit provinces, raising total funding since 2023 to $6.4B
Türkiye has secured a total of $6.4 billion in international funding to support recovery efforts in the southeast following the devastating earthquakes in 2023, the Treasury and Finance Ministry said Monday.
The World Bank most recently approved a $500 million loan to Türkiye's Development and Investment Bank to help preserve jobs and spur employment in the affected areas.
Signed on May 23, the agreement targets 11 provinces directly hit by the quakes and another seven in the surrounding region. The ministry said the project aims to protect existing jobs and generate new ones as part of the country's wider economic recovery.
Of the total $6.4 billion raised since February 2023, some $2.4 billion has been allocated to support the real sector and exporters, according to the ministry.
Finance Minister Mehmet Simsek said the government prioritizes policies that support employment, increase value-added production and expand access to affordable financing.
“Resources we secured via strong cooperation with international organizations are being effectively directed to the real sector, while contributing to our country's sustainable growth target,” he said in a statement.
