World Bank approves $450mn for SMEs in Turkiye’s earthquake-hit region

ANKARA: The World Bank has approved $450 million in financing for small and medium-sized enterprises in the region of Turkiye that was devastated by massive earthquakes in February, Industry Minister Mehmet Fatih Kacir said on Thursday.

Turkiye is also planning to begin using financing provided by the Japan International Cooperation Agency within a month, he said.

February’s earthquakes in southern Turkiye killed more than 50,000 people and left millions homeless. Business groups, economists and the government have said rebuilding could cost Turkiye more than $100 billion.