The World Bank has announced $1.78 billion in assistance to help relief and recovery efforts following devastating earthquakes and aftershocks in Turkiye that have already resulted in massive loss of life, injuries, and very significant damages in and around southeastern Turkiye, Report informs referring to the WB website.
The World Bank has also commenced a rapid damage assessment to estimate the magnitude of the disaster and identify priority areas for recovery and reconstruction support, building on its extensive experience in disaster risk management from around the world.
Immediate assistance of $780 million is offered via Contingent Emergency Response Components (CERCs) from two existing projects in Turkiye – the Turkiye Earthquake, Floods and Wildfires Emergency Reconstruction Project (TEFWER) and the Climate and Disaster Resilient Cities Project. CERCs help recipient countries quickly access project funds for emergency response, as is needed now in Turkiye. The assistance will be used for rebuilding basic infrastructure at the municipal level.
An additional $1 billion in operations is also being prepared to support people affected as the World Bank provides immediate support for recovery and reconstruction from this catastrophe.