World Bank gives $500m to create new jobs in Turkey

Turkey is to receive $500 million from the World Bank to support economic recovery in areas devastated by the February 2023 earthquakes, according to a statement.

The earthquakes killed more than 50,000 people and displaced more than 3.3 million. They are estimated to have inflicted a $104 billion hit on the Turkish economy, the Strategy and Budget Department of the Office of the President said last February.

The new funding is part of a World Bank package to support Turkey’s earthquake-affected region, strengthen the labour market and revitalise economic recovery.

The funding is designed to support job creation, focusing on small and medium enterprises (SMEs) and creating about 17,000 new or better jobs, the Bank said. More than one-third is expected to be for women and youth.

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“This project is a crucial step towards rebuilding local economies and providing much-needed employment opportunities in the formal sector,” said Humberto Lopez, country director for Turkey, World Bank.

In January Turkey said it will receive $1 billion from the World Bank this year to support the recovery of its earthquake-hit regions.

Total assistance from the World Bank to Ankara is set to reach $4 billion since the 2023 earthquakes.