WB provides $600m for quake-hit areas in Turkey

The World Bank Board has approved $600 million in financing to aid the recovery of microenterprises devastated by the February 2023 earthquakes in Turkey.

The funds will support the Turkey Small Industrial Estates Reconstruction and Regional Economic Recovery Project, aimed at revitalising economic activity in four of the 11 affected provinces.

The project will establish seven small industrial estates (SIEs) to host 1,600 micro enterprises engaged in crafts, goods production, and services.

These SIEs will be designed with resilience against future earthquakes, other natural disasters, and climate change impacts, incorporating energy and water efficiency measures. They are expected to reduce carbon emissions by approximately 147,030 metric tons annually through solar energy generation.

Humberto Lopez, World Bank Country Director for Turkey, emphasised the commitment to supporting Turkey’s long-term recovery efforts. The project builds on the Post-Earthquake MSME Recovery Project, which provided urgent financial assistance to affected businesses.

Stefka Slavova, lead economist and project team leader, highlighted the project’s focus on restoring economic activities and ensuring resilience for the affected MSMEs.

Attribution: The World Bank.