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Yen Loan for the Republic of Turkey: "Emergency Earthquake Reconstruction Plan"

April 26, 2024

On April 25 (local time), in the capital of Turkey, Ankara, a signing and exchange of letters was conducted between Takahiko Katsumata, Ambassador of Japan to the Republic of Turkey, and Mr. Kerem Dönmez, Director General of Foreign Economic Relations of the Ministry of Treasury and Finance of the Republic of Türkiye. This agreement relates to a yen loan of up to 60 billion yen for the "Emergency Earthquake Reconstruction Plan."

This initiative concretizes the new support measures announced by Prime Minister Fumio Kishida during a Japan-Turkey summit phone meeting on July 6 of last year, aimed at aiding Turkey’s recovery and reconstruction following the earthquake.

Project Overview: The project aims to restore and construct water and sewage infrastructure and housing in areas affected by the earthquake in southeastern Turkey that occurred in February last year, contributing to Turkey’s recovery and reconstruction efforts.

Loan Terms:

Maximum loan amount: 60 billion yen

Interest rate: 0.2%

Repayment period: 40 years (including a 10-year grace period)

Additional Information: On February 6, 2023, a magnitude 7.8 earthquake struck southeastern Turkey, resulting in over 50,000 deaths and more than 115,000 injuries, according to the Turkish government.

Basic Data on the Republic of Turkey: The Republic of Turkey covers an area of approximately 780,576 square kilometers (about twice the size of Japan), has a population of approximately 85.28 million (2022), and a gross national income (GNI) per capita of USD 10,640 (2022).

Source:

https://www.mofa.go.jp/mofaj/press/release/press7_000259.html