Istanbul, Turkiye, 16 February 2024 – Teams of development and financial operations experts from the Islamic Development Bank (IsDB), Turkiye’s Development and Investment Bank (TKYB), and the Industrial Development Bank of Turkiye (TSKB) convened in separate workshops, 13-16 February 2024, to exchange views and share capacity for spearheading the recovery and resilience building efforts in the country’s quake-hit areas.

The workshops were held to start up and speed up the process for two major IsDB-financed projects which were approved, signed, and reached the implementation phase in record time.

IsDB Group’s US$ 200 million Post Earthquake Recovery and Agrifood Support (PERAS) project with TKYB was approved in November 2023 and signed on 5 December 2023.

The US$ 100 million Post Earthquake Economic Recovery (PEER) project with TSKB was also approved, signed, and launched almost in a similar period.

Senior-level management and staff members from various sections of TKYB and TSKB attended the workshops where teams interactively exchanged views over the different stages of the implementation process.

The double earthquakes that shook southern Turkiye on 5^th February 2024 left a trail of death and destruction. The PERAS and PEER projects are the latest in the string of efforts by the Islamic Development Bank Group to support the people and businesses in Turkiye following the devastating earthquake.

The Republic of Turkiye is a founding member of the Islamic Development Bank. As a trusted development partner to Turkiye, IsDB has, to date, approved nearly US$ 13 billion in financing for socio-development projects in the country in various sectors including renewable energy and energy security, transport and highspeed railway, healthcare, education, agriculture, as well as other infrastructure projects.