Ankara: Trkiye secured around £2.5 billion (nearly $3 billion) in financing from the Council of Europe Development Bank (CEB) for its public sector projects and small- and medium-sized enterprises (SMEs) in the last 10 years, according to a statement by the Turkish Treasury and Finance Ministry on Thursday. Treasury and Finance Minister Mehmet Simsek announced that CEB Governor Carlo Monticelli met with him during his visit to Trkiye from February 10 to 12.

According to Anadolu Agency, Monticelli's visit, marking his first official trip to the country, included the signing of new deals worth £280 million ($332.5 million) in concessional financing for hospital and transportation investments. Of the total, £230 million ($273.1 million) was allocated for the Istanbul Seismic Mitigation and Preparedness Project (ISMEP), while the remaining £50 million ($59.3 million) was designated to support the Marmaray project, which will be managed by the Turkish Transport and Infrastructure Ministry.

The CEB's support has been crucial in enhancing the infrastructure resilience of Trkiye, particularly following the devastating earthquakes in February 2023 in the country's southeast. Trkiye, a founding member of the bank since its establishment in 1956, has received over $3 billion from the CEB over the last 10 years. The funding has primarily focused on earthquake preparedness, post-disaster recovery, and SME financing.