World Bank approves $512.2M financing for Turkish housing and infrastructure
The World Bank approved $512.2 million in financing for Turkey which will be used to expand access to housing and infrastructure that is resilient to climate and natural hazard.
Reuters
The World Bank approved $512.2 million in financing for Turkey to expand access to housing and infrastructure that is resilient to climate and natural hazard, the bank said on Sept. 28.
In a statement, the World Bank said $338.5 million of the financing will be used for developing new, affordable financing mechanisms to enable households retrofit or reconstruct their housing to increase resilience to seismic and climate hazards.
The remaining $173.6 million will be used by İller Bankası to provide financing to municipalities to build more resilient infrastructure.
The project will focus on urban areas in the provinces of Istanbul, Izmir, Kahramanmaras, Manisa, and Tekirdağ, the bank said, adding that an estimated 1 million people will benefit from upgraded infrastructure and 32,000 people will benefit from loans to reconstruct or retrofit their risky housing units.