(MENAFN) Under an agreement inked with the Turkish Treasury and Finance Ministry, the European Bank for Reconstruction and Development (EBRD) has committed to providing €500 million (USD543 million) in financing to aid regions devastated by last year's earthquakes in southern Turkey.
Following the Feb. 6 earthquakes, the EBRD swiftly stepped in as one of the initial international financial institutions to extend assistance.
Earlier, the bank had unveiled a €1.5 billion financing package dedicated to the reconstruction efforts in the affected region.
Of this amount, €800 million was earmarked for private sector initiatives, small and medium-sized enterprises (SMEs), and local financial institutions within the earthquake-affected areas.
The catastrophic earthquakes, which struck 11 Turkish provinces on Feb. 6, 2023, resulted in a substantial loss of life.
A delegation from the EBRD, led by First Vice President Jurgen Rigterink, convened with Turkish Treasury and Finance Minister Mehmet Şimşek to formalize the new agreement, as announced by the ministry on Tuesday.
The financing assistance will be directed towards local municipalities to bolster infrastructure in the water, sewage, solid waste, and transportation sectors.
It is anticipated that this support will be disbursed over the course of 2024 and 2025.
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