The Japan International Cooperation Agency (JICA) will present a 20 billion yen (roughly $139.3 million) mortgage to help small and medium-sized enterprises (SMEs) impacted by a pair of highly effective earthquakes that struck southern Türkiye on Feb. 6, a senior official mentioned Wednesday.
The financing deal was signed between JICA and Türkiye’s Small and Medium Enterprises Development Organization (KOSGEB), Industry and Technology Minister Mehmet Fatih Kacır mentioned in a put up on the X platform, previously Twitter.
New financing will probably be offered to SMEs in earthquake zones as a part of the Post-Earthquake Micro, Small and Medium Enterprises (MSME) Recovery Project, which was launched in November in collaboration with the World Bank.
Quake-hit SMEs will profit from a mortgage with a 36-month maturity, a cost grace interval for the primary 24 months and interest-free three equal installments for the remaining 12 months, Kacır mentioned.
As a part of the mission, a complete of TL 12.8 billion (about $439.4 million) in financing has been offered for 39,680 SMEs to this point, he pressured.
Two highly effective earthquakes hit 11 provinces in southern Türkiye on Feb. 6, inflicting intensive harm and killing and injuring tens of 1000’s of individuals.
The quake-hit area was dwelling to greater than 470,000 personal enterprises, of which 99% are micro, small, and medium enterprises (MSMEs).
Source: www.dailysabah.com