Islamic Development Bank to provide €700M financing for Türkiye

ANKARA

The Islamic Development Bank (IsDB) Group on Wednesday announced a total of €700 million in financing for transformative projects in Türkiye, aiming to enhance disaster-resilient health care services and support the recovery of municipalities hit by the February 2023 earthquakes.

The bank has allocated €500 million, under the Disaster-Resilient Health Infrastructure Project, for the reconstruction of two key hospitals in Istanbul, ensuring their capacity to withstand earthquakes and provide uninterrupted health care.

The project seeks to address Istanbul's increasing need for sustainable health care by adding nearly 2,500 hospital beds and meeting the rising demand for accessible, high-quality, and resilient medical services.

The Fatih Sultan Mehmet (FSM) Training and Research Hospital in Atasehir will see its capacity grow from 310 to 1,584 beds, with outpatient visits expected to increase from 1 million to 2.6 million annually. Emergency patient visits are projected to rise from 250,000 to 800,000, while the hospital's surgical capacity will triple.

Co-financing for the ISMEP initiative will come from the Council of Europe Development Bank (CEB), focusing on the merger and expansion of the Haydarpasa Numune and Dr. Siyami Ersek hospitals. The Turkish government will provide medical equipment, technology, and staffing to support the project.

Recovery and resilience for municipalities

An additional €200 million has been approved for the Municipal Infrastructure for Recovery and Resilience Project, addressing the aftermath of the February 2023 earthquakes.

The funding will support sustainable infrastructure in water, wastewater, and solid waste management, as well as urban transportation in affected and other municipalities.

The project emphasizes "build back better" principles to create resilient and sustainable urban environments. It includes technical studies, construction, and the procurement of equipment, benefiting millions of residents through improved infrastructure and services.