EBRD to invest 1.5 billion euros in Turkey's earthquake-hit regions

Posted By: ndeeney

ANKARA (Reuters) – The European Bank for Reconstruction and Development (EBRD) said on Thursday that it will invest up to 1.5 billion euros ($1.6 billion) in the next two years to support reconstruction and recovery in the Turkish regions hit by earthquakes last month.

FILE PHOTO: The headquarters of the European Bank for Reconstruction and Development (EBRD) is seen in London

© Thomson Reuters
FILE PHOTO: The headquarters of the European Bank for Reconstruction and Development (EBRD) is seen in London

Aftermath of the deadly earthquake in Antakya

© Thomson Reuters
Aftermath of the deadly earthquake in Antakya

The investment will include 600 million euros of credit lines to local banks for businesses and individuals affected by the earthquakes, as well as lending to companies working in reconstruction.

The EBRD will also provide funding and advisory to small- and medium-sized enterprises regarding repairing damage and building resilience.

The direct physical damage to the region totals $34 billion, the bank said, adding that the cost of reconstruction will be twice that.

($1 = 0.9478 euros)

(Reporting by Ali Kucukgocmen; Editing by Jonathan Spicer)

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