EBRD to invest 1.5bn euros in Turkey's earthquake-hit regions

The European Bank for Reconstruction and Development (EBRD) said on Thursday that it will invest up to 1.5 billion euros ($1.6 billion) in the next two years to support reconstruction and recovery in the Turkish regions hit by earthquakes last month.

The investment will include 600 million euros of credit lines to local banks for businesses and individuals affected by the earthquakes, as well as lending to companies working in reconstruction.

The EBRD will also provide funding and advisory to small- and medium-sized enterprises regarding repairing damage and building resilience.

The direct physical damage to the region totals $34 billion, the bank said, adding that the cost of reconstruction will be twice that.