At the Donors’ Conference for the People of Turkey and Syria in Brussels, the European Investment Bank revealed details of a comprehensive earthquake reconstruction and recovery package worth up to EUR 500 million. This financial aid is part of the European Union’s overall response, with EIB Global contributing to the broader financing announced at the conference. Additionally, the European Investment Bank had previously donated EUR 500,000 in humanitarian aid to a reputable organization providing shelter and immediate relief to communities affected by the earthquake in both Turkey and Syria.
During the conference’s pledging session, Lilyana Pavlova, Vice President of the European Investment Bank, conveyed her heartfelt condolences and solidarity to the people of Turkey and Syria following the devastating earthquake on February 6th. Pavlova emphasized that the European Investment Bank Group is committed to working with all partners at the Donors’ Conference to provide long-term support for rebuilding homes, businesses, and communities in the affected areas. Once the EIB’s detailed response and specific needs assessment are confirmed, Pavlova stated that she will propose a comprehensive EUR 500 million package to support the reconstruction of housing and infrastructure, and to aid businesses in their recovery. This package is part of the European Union’s targeted support for the devastated region, and will be carried out in close coordination with Turkish partners and international donors, pending approval from the EIB’s 27 EU member state shareholders.
Pending approval by the EIB’s Board of Directors, the EIB Global response package aims to improve the living conditions of over 1.7 million refugees affected by the earthquake. The package includes dedicated support to repair damaged infrastructure, as well as investment in earthquake-resistant buildings through a specialized post-disaster recovery loan program. To ensure the success of the infrastructure recovery program, technical and sector experts from the European Investment Bank will assist with project preparation and implementation.
EIB Global’s assistance is anticipated to encompass specialized financing for towns and cities located in the Turkish regions that were directly impacted by the earthquake. The financial aid will be used to restore essential services and repair infrastructure in these areas.
In addition to this, the European Investment Fund, which is part of the EIB Group, is evaluating the investment requirements of local businesses and assessing the capacity of local financial partners to implement a dedicated business financing guarantee initiative for earthquake recovery. The aim of this initiative is to bolster the impact of the recovery efforts on local businesses.