In a significant move to support Turkey’s economic recovery, the World Bank has authorized a $650 million disaster management loan for the nation. The Washington-based lender said in a statement on Friday that the credit facility will help the Istanbul Resilience Project. This long-term initiative was launched last year to safeguard the nation’s largest city’s population, livelihoods, and economic activity.
Istanbul, which is home to over 15 million people and accounts for one-third of Turkey’s GDP, according to World Bank figures, would be hindered in its development if it were vulnerable to natural disasters like earthquakes and climatic shocks.
According to the World Bank, the initiative will assist to safeguard communities, maintain economic continuity in the case of a big calamity, and guarantee that essential public services can continue to operate both during and after disasters. The project’s four main pillars are contingent emergency response, technical support, public resilience development, and emergency preparedness and response.
According to the World Bank, the final one is specifically focused on the quick reallocation of project funding in case of an emergency to meet pressing requirements for recovery and reconstruction.
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