World Bank approves $512.2 mln financing for Turkey housing and infrastructure

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

ISTANBUL, Sept 28 (Reuters) - The World Bank approved $512.2 million in financing for Turkey to expand access to housing and infrastructure that is resilient to climate and natural hazard, the bank said on Wednesday.

In a statement, the World Bank said $338.5 million of the financing will be used for developing new, affordable financing mechanisms to enable households retrofit or reconstruct their housing to increase resilience to seismic and climate hazards.

The remaining $173.6 million will be used by Iller Bankasi to provide financing to municipalities to build more resilient infrastructure.

The project will focus on urban areas in the provinces of Istanbul, Izmir, Kahramanmaras, Manisa, and Tekirdag, the bank said, adding that an estimated 1 million people will benefit from upgraded infrastructure and 32,000 people will benefit from loans to reconstruct or retrofit their risky housing units.

Reporting by Can Sezer; Writing by Ezgi Erkoyun; Editing by Subhranshu Sahu

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