BRUSSELS, 20th March, 2023 (WAM) — The European Investment Bank today outlined details of a comprehensive earthquake reconstruction and recovery package of up to EUR 500 million new financial support, within the European Union’s overall response, at the Donors’ Conference for the People of Türkiye and Syria convened in Brussels by the European Commission and Swedish Presidency of the European Council.
The EUR 500 million support from EIB Global, part of broader European Union financing unveiled at the conference, follows a EUR 500,000 humanitarian donation made by the European Investment Bank within days of the earthquake to a reputable organisation providing shelter and basic immediate relief to impacted communities in both Türkiye and Syria.
Speaking in the pledging session of the conference, Lilyana Pavlova, Vice President of the European Investment Bank, said, “On behalf of the European Investment Bank Group, I express my deepest sympathy and solidarity for the people of Türkiye and Syria following the devastating and tragic earthquake on 6th February. The European Investment Bank Group joins all partners at today’s Donors’ Conference in seeking to provide long-term support to rebuild homes, business and communities in the years ahead. Once assessment of specific needs and the EIB’s detailed response is confirmed we will recommend that the EIB’s 27 EU member state shareholders approve a comprehensive EUR 500 million package to support reconstruction of housing and infrastructure and help business to recover, as part of the European Union’s targeted support for the devastated region, and in close coordination with Turkish partners and international donors.”
Supporting earthquake resilient reconstruction
Subject to approval by the EIB’s Board of Directors, the EIB Global response package will help to restore basic living standards for more than 1.7 million refugees impacted by the earthquake, including dedicated support to repair damaged infrastructure and investment in earthquake resilient buildings that can better withstand future tremors through a dedicated post-disaster recovery loan programme.
European Investment Bank technical and sector experts will support project preparation and implementation of the infrastructure recovery programme.
The European Investment Bank Group’s earthquake response outlined today will focus on Turkish regions directly impacted by the earthquake and is designed to maximise targeted support for restoration of basic infrastructure and basic services, recovery of economic and business activity and ensuring that new investment can both better withstand future earthquakes and adapt to a changing climate.
Subject to approval by the EIB’s governing bodies the new financing is expected to support reconstruction efforts over the coming four years.