Turkey will receive $1.78 billion in relief and recovery financing from the World Bank. This is as it deals with the aftermath of an earthquake that killed over 20,000 people and left hundreds of thousands homeless. Ankara will receive $780 million as a result of the World Bank diverting funds from two existing Turkish loan projects, according to Reuters.
There is also another $1 billion in assistance being prepared for Turkey’s recovery and reconstruction. However, it will take more time to arrange than previously predicted, according to a spokesperson for the World Bank. A magnitude 7.9 earthquake struck southern Turkey on Monday. It was felt in Cyprus, Lebanon and Syria, collapsing dozens of buildings and triggering a search for survivors under the rubble in snowy streets.