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

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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, Reuters reported, citing the bank 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 İller Bankası to provide financing to municipalities to build more resilient infrastructure.

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

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