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The cost of reconstruction after the earthquake may amount to 100 billion dollars

European Bank for Reconstruction and Development (EBRD) Turkey Managing Director Arvid Tuerkner shared that the cost of the earthquake may be around 34 billion dollars, but the cost of reconstruction may amount to 100 billion dollars.

The cost of reconstruction after the earthquake may amount to 100 billion dollars

Tuerkner, who said that the earthquake zone is important for them, stated that their investments there will continue in order to rebuild the infrastructure and continue production.

European Bank for Reconstruction and Development (EBRD) Turkey Director Arvid Tuerkner, who expressed his condolences to all those who lost their relatives in the earthquakes that overwhelmed the country and affected 11 provinces and wished urgent healing to the injured, said that very fast action should be taken in the region.

He said by emphasizing that the earthquake zone is also important for them because unemployment rates and income inequality are high "We will work in partnership with the municipalities to re-establish the infrastructure in the region. Our priority for working will be the earthquake zone. We will help to bring things back to life there, we will provide mentor support. A portfolio of 2 billion dollars has been transferred to that region."

Tuerkner, who expressed that the financial sector also has very big problems in the region, said, "We want the lending process to continue there. We want to be able to provide refinancing of companies and households, we want them to be able to borrow again and we want them to be able to pay their debts. We want them to continue their business and production in these difficult times. This will be our first reaction, this is what we are trying to improve at the moment."

About the Turkish economy, by noting that the elections also constitute one of the important pillars of the existing uncertainty, he said: "I think the economic conditions for the Private Sector are not very good, we talked about inflation, and this is never easy. The current account deficit is high and imports are much larger than exports, so even though exports are high, imports are always higher. The energy is an important topic. On the one hand, there is a devaluation of the Turkish Lira, different measures are being taken to support the TL, but we don't know how long they can be maintained."

Tuerkner stated that the growth expectations for the Turkish economy in 2023 are 3 percent.

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