Newsletters
Türkiye has signed a €554.4 million ($643.35 million) financing agreement with the World Bank to enhance Istanbul’s emergency preparedness and reinforce its urban infrastructure against natural disasters, most particularly earthquakes, and climate risks.
The agreement was formalized following approval by the World Bank’s Executive Board on August 8, under the framework of the "Istanbul Urban Resilience Project," state-run Anadolu Agency reported. The initiative will be coordinated by the Istanbul Project Coordination Unit under the authority of the Istanbul Governorship.
The financing package aims to build energy-efficient and disaster-resilient public buildings across the metropolitan area while improving the city’s capacity for emergency response and intervention.
The latest agreement brings the total external financing secured by Türkiye from international institutions this year to approximately $14.7 billion. These funds have been obtained under favorable terms as part of the country’s broader economic and urban resilience strategy, according to the Turkish Treasury and Finance Ministry.
Specifically for Istanbul, total foreign financing dedicated to disaster resilience now totals $1.9 billion, including the latest World Bank contribution.
In addition, nearly $7.5 billion has been mobilized for the reconstruction of provinces affected by the twin earthquakes that struck Kahramanmaras on February 6, 2023.
Turkish Treasury and Finance Minister Mehmet Simsek emphasized the country’s strong working relationship with the World Bank, stating that the cooperation has yielded concrete progress in disaster risk reduction, climate adaptation, and sustainable urban development.
He noted that Türkiye would continue to prioritize disaster preparedness and urban resilience in line with its Medium-Term Program, adding that public investments in these areas—particularly in Istanbul—will remain a focus of the country’s economic policy aimed at sustainable growth and social welfare.
"We have made significant advances in reducing disaster risks, adapting to climate change, and promoting sustainable urbanization in partnership with the World Bank," Simsek said, adding that this partnership will continue with determination.
2 min read
