HomeEconomyEIB to provide $435M to Türkiye for quake reconstruction

EIB to provide $435M to Türkiye for quake reconstruction


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The European Investment Bank (EIB) introduced a €400 million ($435 million) mortgage to Türkiye to assist it rebuild after the Feb. 6 earthquakes, the financial institution introduced Wednesday.

The mortgage, totally assured by the EU, will assist restore water and wastewater infrastructure within the southern Turkish provinces that have been hit by the 2 highly effective earthquakes.

The mission for which the EIB mortgage is earmarked consists of the rehabilitation, building and extension of water and wastewater infrastructure in devastated areas, it famous.

“As part of the Team Europe package (who pledged €3.6 billion to support in March for people in Türkiye and Syria) our €400 million in financing will respond to current needs by upgrading water infrastructure,” stated EIB President Werner Hoyer.

Member of the European Commission for Neighbourhood and Enlargement, Oliver Varhelyi, stated: “This is the delivery of EU solidarity with the people in Türkiye. I want to recall that Team Europe pledged more than €3 billion for people in Türkiye, including €1 billion in grants from the EU budget.”

Turkish Treasury and Finance Minister Mehmet Simsek stated the federal government is spending about 3% of GDP this 12 months to rebuild quake-hit areas.

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Source: www.dailysabah.com

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