Istanbul: The World Bank has entered into a financing agreement with Trkiye, amounting to £554.4 million ($642.6 million), to support the Istanbul Resilience Project. This initiative, approved earlier this year, aims to enhance the city's disaster preparedness and response capabilities, along with establishing disaster-resistant and energy-efficient public buildings.

According to Anadolu Agency, the Istanbul Governor's Office's coordination unit will oversee the implementation of the project. This financing adds to the approximately $14.7 billion in external funds provided to Trkiye by global organizations this year. The specific funds allocated for Istanbul's disaster preparation, including the World Bank's contribution, have reached a total of $1.9 billion.

The financing also contributes to the broader effort of reconstructing the earthquake-affected regions in Trkiye's southeast, with the total funds for this purpose amounting to $7.5 billion. Turkish Treasury and Finance Minister Mehmet Simsek expressed that the longstanding cooperation between Trkiye and the World Bank has led to notable advancements in areas such as disaster risk reduction, climate change adaptation, and sustainable urbanism.

Minister Simsek emphasized their commitment to public investments that aim to bolster Istanbul's earthquake preparedness, disaster management capacity, and urban resilience, aligning with Trkiye's Medium-Term Program.