The European Union's (EU) European Investment Bank (EIB) has announced that it will help Turkey with 500 million euros ($540 million) in reconstruction efforts by lifting the de facto financing ban that has been implemented for nearly four years.
EIB stopped providing financing to Turkey after Turkey's oil and gas exploration activities around the island of Cyprus in 2019.
Stating that the EIB is working on a comprehensive package with the European Commission, Deputy Chairman of the Board Lilyana Pavlova said, "In this context, 500 million Euros will be provided to Turkey by the EIB."
7 billion euros from EU to rebuild damages by earthquake
At the conference organized by the EU for the reconstruction of the region devastated by the earthquakes in Turkey last month, 7 billion euros, or approximately 7.5 billion dollars, were promised in monetary aid.
The severe earthquakes that occurred in Kahramanmaraş on February 6 caused heavy destruction in 11 provinces and caused at least 50096 people to die. The Presidency estimates that the cost of the earthquake to Turkey is 104 billion dollars.
At the conference held yesterday, hosted by the EU and EU member Sweden to collect aid, Swedish Prime Minister Ulf Kristersson said, "The total aid committed today corresponds to 7 billion euros."