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Thursday, December 12, 2024

Home Business European bank to invest up to $1.6B in Türkiye’s earthquake-hit region

European bank to invest up to $1.6B in Türkiye’s earthquake-hit region

by News desk
March 10, 2023
in Business

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The European Bank for Reconstruction and Development (EBRD) will invest up to €1.5 billion ($1.6 billion) in southern Türkiye over the next two years after powerful earthquakes shook the region on Feb. 6.

The EBRD aims to support the recovery, reconstruction and reintegration of the region’s economy to preserve human capital, livelihoods and jobs in the affected cities, the bank said in a statement on Thursday.

The bank provides €600 million in credit lines to local lenders for businesses and individuals directly affected by the earthquakes, as well as new lending to companies participating in recovery and reconstruction efforts in the area.— AA