By Pramod Kumar
January 17, 2025, 11:04 AM
The 2023 earthquakes are estimated to have inflicted a $103.6 billion hit on the Turkish economyReuters
The 2023 earthquakes are estimated to have inflicted a $103.6 billion hit on the Turkish economy
Turkey will receive $1 billion (TL35.43 billion) from the World Bank this year to support the recovery of its earthquake-hit regions, a news report said.
The total assistance from the World Bank to Ankara will reach $4 billion since the 2023 earthquakes.
The World Bank and the International Finance Corporation work jointly on projects involving infrastructure, health, water distribution systems and hospitals in the quake-hit zone, Daily Sabah newspaper reported, citing Humberto Lopez, World Bank country director for Turkey.
He said the $660 million financing to expand electrified railways in Turkey will reduce carbon emissions and lower east-west transport costs.
The quakes are estimated to have inflicted a $103.6 billion hit on the Turkish economy, the Strategy and Budget Department of the Office of the President said last February.
Damage was estimated at almost $85 billion with a further $18.6 billion bill for loss of economic activity.
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Many experts, however, believe the $18.6 billion loss of economic activity figure to be understated, given the 11 provinces affected accounted for up to 10 percent of the national GDP of an estimated $1.1 trillion.
Productivity is expected to be affected for years to come.
In November Turkey and the World Bank were in talks to access funding to strengthen and extend the country’s energy transmission grid.
This is part of broader plans to quadruple renewable energy generation capacity and transition away from fossil fuel dependency.
