Turkey secures a sum of $650 million to bolster Istanbul's ability to withstand natural disasters.
The World Bank has approved a $650 million loan for the "Istanbul Resilience Project" in Turkey, aimed at enhancing Istanbul’s earthquake preparedness, disaster management, and urban resilience against climate risks.
This comprehensive project, managed by the Istanbul Project Coordination Unit under Istanbul Governorship, has several objectives. It aims to strengthen the city’s emergency preparedness and response capacities, protect lives, livelihoods, and economic activity, improve the resilience of public buildings and infrastructure, support technical assistance, institutional capacity building, disaster risk reduction, urban resilience, and green infrastructure development, and establish a contingent emergency response mechanism for rapid reallocations of project funds in response to emergencies.
Istanbul, home to over 15 million people and generating nearly one-third of Turkey’s gross domestic product (GDP), is located on the North Anatolian Fault (NAF), a highly active seismic zone where a major earthquake is considered highly likely in the coming decades. Past devastating earthquakes in nearby regions highlight the imperative for improved resilience and preparedness.
Mehmet Şimşek, Treasury and Finance Minister of Turkey, commented on the financing, stating that support for earthquake preparedness, disaster management, and urban resilience investments continues. Humberto Lopez, World Bank country director for Turkey, stated that the project is vital to safeguard Istanbul's people and economy.
The project is expected to boost emergency preparedness and response capacities of Istanbul, Turkey's largest city. It will modernize public infrastructure, support community resilience, and ensure key public services can function during and after disasters.
Seismologists and experts have warned that a major quake is likely to strike the region within the coming decades. The vulnerability of Istanbul to earthquakes and climate shocks poses risks not only to its population but also to the national economy. In recent years, a strong 6.2 magnitude earthquake shook Istanbul, underscoring the urgency of the project.
The total amount of favorably conditioned external funding provided for Istanbul has reached $5.4 billion. The World Bank's role is providing the $650 million financing to implement this program, describing it as a critical investment to safeguard Istanbul’s people and economy. Lopez said the project will strengthen emergency preparedness, modernize public infrastructure, and support community resilience in Istanbul.
[1] World Bank Press Release [2] Istanbul Metropolitan Municipality [3] Istanbul Governorship [4] Turkey's Ministry of Treasury and Finance [5] Turkey's Disaster and Emergency Management Authority
- The World Bank's $650 million loan for the Istanbul Resilience Project is aimed at enhancing Istanbul’s preparedness and resilience against climate risks, mirroring the global focus on climate change and environmental science.
- The Istanbul Resilience Project, managed by the Istanbul Project Coordination Unit under Istanbul Governorship, also targets protecting lives, livelihoods, and economic activity in Istanbul, which generates nearly one-third of Turkey’s GDP and is home to over 15 million people.
- The project's objectives extend to Europe and the world, as improved resilience and preparedness in Istanbul can mitigate the potential impacts of earthquakes on the regional and global economy.
- In the realm of finance and business, the project is expected to boost emergency preparedness and response capacities, modernize public infrastructure, and support community resilience in Istanbul, ultimately reducing potential economic losses due to disasters.
