The World Bank announced on Wednesday that it had approved $512.2 million in financing for Turkey to increase access to housing and infrastructure that is resistant to climate change and natural disasters.
The World Bank stated in a statement that $338.5 million of the funding will be used to create innovative, affordable financing options to allow households to remodel or rebuild their homes to boost resilience to seismic and climatic hazards.
Iller Bankasi will use the remaining $173.6 million to finance towns’ investments in more durable infrastructure.
According to the bank, the project will concentrate on urban areas in the provinces of Istanbul, Izmir, Kahramanmaras, Manisa, and Tekirdag.
An estimated 1 million people will gain access to improved infrastructure, and 32,000 people will gain access to loans to renovate or upgrade their high-risk housing units.
