The World Bank said it has approved $512.2 million in funding for Turkey to improve the resilience of the housing and infrastructure sectors to climate change and natural disasters.
The bank said in a statement that “$338.5 million in funding will be used to develop new affordable financing mechanisms that will enable families to modify or rebuild their homes to make them more resilient to earthquakes and climate change risks.”
Eller Bank, the state-owned investment and development bank, will use the remaining $173.6 million to fund municipalities to build infrastructure that is more resilient to natural disasters.
The World Bank stated that “the project will focus on urban areas in the provinces of Istanbul, Izmir, Kahramanmaras, Manisa and Tekirdag”, adding that “approximately one million people will benefit from developed infrastructure, and 32,000 people will receive loans to rebuild or renovate residential units at risk.
Source: El Iktisad
