The deadly earthquake that struck Turkey in the early hours of February 6 left over 46,000 dead and 214,000 destroyed buildings in its path. Wanting to help rebuild, the European Bank for Reconstruction and Development (EBRD) announced today its intention to “invest up to 1.5 billion euros” over the next two years in the earthquake-hit areas of Turkey.
In this way, the EBRD plans to “support the development, reconstruction and reintegration of the region’s economy” in order to maintain “livelihoods and jobs in the affected cities”, it says in a statement.
What does the amount include?
“This is one of the most devastating crises seen in Turkey and indeed in Europe in over a century and the impact on the population and the economy is extremely serious,” said Arvid Twerkner, general, in a statement included in the announcement. EBRD director for Turkey.
The amount invested will include 600 million euros in credit lines to local banks for businesses and individuals directly affected, as well as new loans to businesses participating in recovery and reconstruction efforts in the region.
The EBRD says it wants to support the rebuilding of “sustainable infrastructure” and will also focus funds on rebuilding the rail network to restore connectivity between Turkey’s southeastern region and the rest of the country.
Damages exceed 100 billion
The material damage caused by the earthquakes in Turkey alone “exceeds $100 billion” (94.7 billion euros), according to a summary estimate by the World Bank, the UN, the EU and the Turkish government released on Tuesday.
The Feb. 6 earthquake of magnitude 7.8 followed by another magnitude 7.6 nine hours later killed nearly 46,000 people and injured 105,000 in Turkey, according to inconclusive estimates. It also destroyed or significantly damaged 214,000 buildings, sometimes more than 10 stories tall, in 11 of Turkey’s 81 provinces. Nearly 6,000 people have also died in Syria, according to authorities.
The EBRD, which was established in 1991 to help countries in the former Soviet bloc transition to a market economy, has since expanded its scope to include countries in the Middle East and North Africa. It is “the first institutional investor in Turkey”, having brought “almost 17 billion euros into the country since 2009”, as it clarifies in its announcement.
