IFC allocates $80m for Turkey earthquake recovery

The International Finance Corporation (IFC) is proposing an $80 million financing package for Turkey’s Yapi ve Kredi Bankasi A.S. (YKB) as part of its broader earthquake response initiative.

The package includes up to $60 million in A Loans, including $10 million in credit insurance, and up to $20 million in B Loans.

This investment, part of the IFC’s $600 million FIG TUR-ER project aimed at supporting five Turkish banks, will help YKB meet the immediate demand for loans to retail, micro, small, and medium-sized businesses in earthquake-affected regions.

The funding is designed to bolster post-earthquake relief and recovery efforts by extending new loans to businesses in the impacted areas.