European development bank offers Turkey post-earthquake aid

The European Bank for Reconstruction and Development on Thursday announced it would invest up to 1.5 billion euros ($1.6 billion) in Turkey’s earthquake-hit region over the next two years, Agence France-Presse reported.

London-based EBRD said in a statement that its response includes “600 million euros in credit lines to local banks for businesses and individuals directly affected by the earthquakes” in southern Turkey.

Arvid Tuerkner, EBRD managing director for Turkey, added that the bank stood ready to support the country’s “private sector in its recovery and reconstruction.”

Two devastating earthquakes on February 6 and aftershocks caused damage worth more than $100 billion in Turkey alone, the United Nations said Tuesday.

The World Bank estimated last week that the devastating quakes, which flattened entire cities, had caused damage worth more than $34 billion in Turkey, with recovery likely to double that sum.

The international lender predicted the cost to be $5.1 billion in neighboring Syria.

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