Türkiye Secures $8.4B for Earthquake Recovery | 2023 Finance News
Türkiye Secures $8.4 Billion in External Funding for 2023 Earthquake Recovery
In a significant move toward regional revitalization, Türkiye has successfully mobilized approximately $8.4 billion (TL 358.89 billion) in external financing specifically earmarked for the recovery of its southeastern region. This announcement was made by Treasury and Finance Minister Mehmet Şimşek, highlighting the international community's support following the devastating February 2023 earthquakes.
Minister Şimşek further noted that Türkiye has secured a total of $16.5 billion in external financing throughout the current year. These funds were obtained under favorable conditions, representing a record-breaking achievement for the nation’s financial diplomacy.
Reconstruction and Economic Revitalization
The Turkish authorities are currently spearheading a multi-faceted effort to rebuild the affected provinces. The scope of work extends beyond residential construction to include:
- Redevelopment of critical infrastructure.
- Direct financial support for local businesses to ensure economic continuity.
- Strategic collaborations with multilateral organizations, such as the World Bank.
Breakdown of ADB Contributions
A major pillar of this funding comes from the Asian Development Bank (ADB), which has provided substantial capital to assist different sectors of the economy:
- Exporters Support: €500 million ($587.3 million) administered via Türk Eximbank to meet the liquidity needs of exporters in the disaster zone.
- Sustainable Development: €150 million and $150 million provided to the Türkiye Development and Investment Bank (TKYB) for recovery and renewable energy projects.
- Infrastructure Projects: €150 million allocated to Ilbank as of mid-November 2025.
Total ADB Financing: The cumulative financing from the Asian Development Bank for the earthquake region has reached nearly $1 billion.
Strategic Vision
Minister Şimşek emphasized that these resources are a testament to the global confidence in Türkiye's current economic program. He stated that the influx of capital would serve to strengthen production capacity and foster sustainable growth in the provinces that were most severely impacted.
"We are mobilizing global resources, especially for reconstruction and rehabilitation. With this funding and backed by confidence in the economic program, Türkiye has reached an all-time high in external financing." — Mehmet Şimşek, Minister of Treasury and Finance.
The long-term nature of these loans ensures that the reconstruction process remains financially viable while providing the necessary breathing room for the regional economy to return to pre-disaster levels of productivity.
