Ankara: The World Bank Group has implemented several projects to support approximately 95,000 small- and medium-sized enterprises (SMEs) affected by the earthquakes in southern Turkey since 2023.
According to Anadolu Agency, the World Bank Group rapidly deployed resources to assist Turkey's recovery following the devastating earthquakes centered in Kahramanmaras province on February 6, 2023. The focus has been on rebuilding infrastructure and supporting small businesses, with over $3 billion allocated to these initiatives.
Among the initiatives, two World Bank-funded projects valued at $1.45 billion aim to reconstruct damaged infrastructure and provide 7,000 housing units for the rural population. Additionally, the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, issued a $952 million guarantee for the construction of six new hospitals designed to withstand potential future earthquakes in the affected region.
The International Finance Corporation (IFC), the World Bank Group's private-sector arm, has enhanced credit access for small businesses by establishing a $530 million fund and nearly $430 million in financing, benefiting more than 55,000 SMEs. Furthermore, the IFC extended a $100 million loan to the Industrial Development Bank of Turkey to foster gender inclusion and job creation, particularly in earthquake-stricken areas. The Micro, Small and Medium Enterprises Revitalization Support Project, launched in September 2023, has financially supported 39,680 SMEs, bringing the total number of supported SMEs to approximately 95,000.
Additionally, the Turkey Small Industrial Sites Reconstruction and Regional Economic Recovery Project has created a $600 million financing opportunity to establish seven disaster-resistant small industrial sites, which will accommodate 1,600 micro-enterprises. The IFC also allocated $150 million in green credits to Sanko Holding for rebuilding earthquake-damaged infrastructure and revitalizing operations, including the development of new green-certified production facilities in Kahramanmaras, Gaziantep, and the neighboring Adiyaman province.
The article further reveals that new packages worth about $1 billion will be provided to bolster the Turkish people's recovery efforts post-earthquake.