The World Bank has finalized a significant financing agreement of €554.4 million ($643.1 million) aimed at enhancing Istanbul’s disaster readiness. This funding package is designed to bolster emergency preparedness and improve disaster-resilient public infrastructure in Türkiye’s largest city.
Details of the Financing Agreement
Signed on November 17, the financing deal comes after the World Bank Board approved the Istanbul Urban Resilience Project in August. This project aims to address the urgent need to reduce disaster and climate-related risks in a city of approximately 16 million residents.
Importance of Disaster Resilience
Istanbul is located near major seismic fault lines, making it highly vulnerable to earthquakes. Many buildings in the city are old or structurally unsound, emphasizing the need for large-scale resilience investments.
- Location: Istanbul, Türkiye
- Population: Approximately 16 million
- Funding Amount: €554.4 million ($643.1 million)
- Approval Date: August (for the Urban Resilience Project)
- Contract Signing Date: November 17
Project Implementation and Objectives
The Istanbul Governor’s Office will oversee the project’s implementation through its project coordination unit. The primary goals include:
- Enhancing emergency response capabilities across Istanbul.
- Replacing or upgrading vulnerable public buildings.
- Meeting modern safety and energy efficiency standards.
Partnership with the World Bank
Finance Minister Mehmet Şimşek highlighted the long-standing partnership between Türkiye and the World Bank. He stated, “Through our cooperation with the World Bank, we have made significant progress in reducing disaster risks and promoting sustainable urban development.”
Additional Financial Context
With this latest financing arrangement, Türkiye has secured around $14.7 billion in concessional funding from international institutions in 2023. In total, external funding for enhancing Istanbul’s urban resilience now exceeds $1.9 billion. In addition, Türkiye has acquired approximately $7.5 billion specifically for reconstructing areas impacted by the February 2023 earthquakes in Kahramanmaraş.
