EU’s EIB will cancel the ban on lending to Turkey with earthquake aid – #EUs #EIB #cancel #ban #lending #Turkey #earthquake #aid
LONDON, 20 March (Reuters) – Europe Union credit having an arm Europe The Investment Bank has allocated 500 million euros (540 million dollars) to temporarily lift the 4-year financing ban in Turkey cancellation will do. efforts.
EIB in 2019 oil and gas suspended virtually all lending in Turkey after the drilling scandal, but the severity of last month’s earthquake, which killed an estimated 56,000 people in Turkey and neighboring Syria, prompted it to rule out.
Liliana Pavlova, the vice-president of the bank, said in her statement: “We Europe Together with the Commission, we are working on a comprehensive package, up to 500 million euros of which should be delivered by EIB.
“We will be submitting it to our board of directors for approval shortly.”
Commission President Ursula von der Leyen, who spoke at the international donor conference, said that 1. of the general package by the Commission and the EIB billion to the euro (1.1 billion dollars) said to be added.
While it is understood that all EU countries, including Cyprus, will give the green light to ADB funding, formal approval may not come until June as plans still need to be implemented and timing is sensitive.
“Ensuring that financing goes to those who need it most in the context of reconstruction efforts is our absolute priority,” said ADB’s Pavlova.
“Here to support investment beyond recovery national does not include budget support to the government.”
Main on May 14 in Turkey the president and parliament is preparing to hold elections and EU members are wary of 500 million euros, but not a long-term recovery of ADB lending, the current the president It is considered as a kind of indirect support of Tayyip Erdogan. election campaign.
The EU has long Erdogan of human rights Accuses of violation and block Turkey relations with Ankara’s repression of the opposition after the coup attempt in 2016, as well as the oil and gas is tense because of the argument.
Recently Turkey Sweden, which became a member of the European Union after Russia’s war against Ukraine NATOblocked the bid to join, although it gave its new blessing to Finland’s membership.
Concerns about Ankara’s internal pressures first saw the bank cut its loans in the country, before the ADB 20About 2 per year in Turkey between 09-2016 billion lent euro.
($1 = 0.9328 euros)
Reporting by Marc Jones; Edited by Andrea Ricci and Alison Williams
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2023-03-21 05:43:31
Source – reuters
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