The Asian Infrastructure Investment Bank (AIIB) has approved two investment projects in Turkey totaling $500 million. These projects will help the country advance its urban and energy infrastructure development.
The investments include a $300 million sovereign-backed loan for the Istanbul Seismic Risk Mitigation and Emergency Preparedness Project, which will improve Istanbul’s disaster resilience against earthquakes and enhance the city’s emergency preparedness. It builds on a previous successful project initiated by the World Bank and similar projects supported by many international financial institutions.
As AIIB’s first urban project in Turkey, the investment will finance structural retrofitting and reconstruction of priority public buildings such as schools, hospitals and other social facilities. This will reduce potential future earthquake damage to these facil
