THE European Bank for Reconstruction and Development (EBRD) announced today its intention “to invest up to 1.5 billion euros” in the next two years in its regions Turkey who were affected by them catastrophic earthquakes of February.
The EBRD plans this way “to support the development, reconstruction and reintegration of the region’s economy” in order to preserve “livelihoods and jobs in the affected cities,” she said in a statement.
“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 directly affected businesses and individuals, such as and 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.
Alone material damage caused by the earthquakes in Turkey “exceeds 100 billion dollars” (94.7 billion euros), according to a summary calculation by the World Bank, the UN, the EU and the Turkish government announced on Tuesday.
The February 6 earthquake of magnitude 7.8 was followed by another magnitude 7.6 nine hours later claimed the lives of nearly 46,000 people and caused the injury of 105,000 in Turkey, according to accounts that are not final. also destroyed or significantly damaged 214,000 buildings, sometimes more than 10 stories high, in 11 of the 81 Turkish provinces. Almost 6,000 people also died in Syriaaccording 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.
Source: News Beast
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