The Asian Development Bank approved a $400 million loan to VakıfBank to support post-earthquake recovery and expand small and medium-sized enterprises’ access to finance. Of the proceeds, $200 million will be on-lent to housing developers for 4,500 homes in 11 provinces affected by the 2023 earthquakes, with disaster-resilient and energy-efficient features.

The other $200 million will go to SMEs in less developed provinces, particularly businesses owned by or employing women and enterprises investing in green technologies. ADB said the financing will support renewable energy adoption and adaptation to extreme weather. The bank cited $103.6 billion in estimated direct physical damage from the 2023 earthquakes and an SME financing gap of $143.3 billion, equivalent to 17.5% of GDP.