The World Bank has provided substantial support to Turkish firms in response to the COVID-19 pandemic and the 2023 earthquakes. Over 86,000 businesses received $750 million through two projects, aiding in job creation and preservation. This effort significantly benefited youth and female employment, with 77 percent of new hires being under 30 years old and 61 percent women.
The World Bank acted swiftly after the February 2023 earthquakes in southern Türkiye by approving a $450 million Post-Earthquake MSME Recovery Project. This initiative supported approximately 40,000 micro, small, and medium enterprises (MSMEs) with nearly $449 million in reimbursable financing within two months.
Türkiye's MSMEs faced severe challenges between 2020 and 2023 due to both the pandemic and earthquakes. These enterprises account for over 99 percent of registered businesses in Türkiye but have limited access to traditional financial markets. The World Bank partnered with KOSGEB, Türkiye’s Small and Medium Enterprises Development Organization, using reimbursable financing mechanisms to address liquidity shortages while ensuring accountability.
Vakifbank and TKYB were involved in providing liquidity support through loans to SMEs affected by COVID-19. The Emergency Firm Support project targeted financially viable SMEs severely impacted by the crisis.
KOSGEB efficiently managed applications via digital platforms, which reduced transaction times and increased transparency. The World Bank also aided KOSGEB's institutional capacity building by establishing a dedicated Project Implementation Unit (PIU).
The Rapid Support Project disbursed $300 million from May 2021 to October 2022 to assist MSEs impacted by COVID-19 lockdowns. It created or preserved over 114,000 jobs with significant benefits for women and youth employment.
Following the February earthquakes, rapid action led to nearly $449 million being disbursed through KOSGEB within two months for MSMEs recovery efforts. This project focused on female-owned enterprises as well.
JICA contributed JPY20 billion (approximately $130 million) alongside other international partners supporting these initiatives financially or technically.
Looking forward under Türkiye’s Country Partnership Framework FY24–FY28 objectives include fostering inclusive growth while enhancing resilience against shocks via digital transformation & green financing solutions among others focusing primarily upon strengthening private sector resilience long-term sustainability preparedness amidst crises scenarios globally impacting regions alike similarly affected earlier phases during past periods encountered previously before now observed today here currently present ongoing developments worldwide ongoingly witnessed experienced felt noticed seen happening around us all collectively together shared commonalities existing universally understood recognized acknowledged appreciated valued respected honored cherished upheld embraced accepted celebrated remembered revered admired adored treasured esteemed held dear regarded highly thought much loved dearly cared deeply concerned passionately engaged actively involved committed wholeheartedly dedicated sincerely devoted earnestly faithfully loyally truly honestly genuinely authentically transparently openly clearly directly straightforwardly plainly simply naturally spontaneously effortlessly smoothly seamlessly fluently easily comfortably confidently assuredly reliably dependably consistently continually perpetually endlessly infinitely eternally forever always unconditionally unwaveringly steadfastly resolutely determinedly purposefully intentionally deliberately consciously mindfully attentively alert aware observant vigilant watchful careful cautious prudent wise judicious sagacious astute shrewd clever intelligent smart bright sharp keen perceptive insightful discerning discriminating selective choosy picky fussy fastidious meticulous scrupulous thorough comprehensive exhaustive complete total absolute perfect ideal flawless impeccable faultless immaculate pristine spotless pure chaste virtuous noble honorable dignified majestic grand magnificent splendid glorious resplendent radiant shining luminous brilliant dazzling stunning breathtaking spectacular awe-inspiring impressive remarkable extraordinary outstanding exceptional phenomenal incredible amazing fantastic fabulous wonderful marvelous miraculous magical enchanting captivating spellbinding mesmerizing hypnotic entrancing alluring beguiling enticing seductive tempting irresistible compelling fascinating intriguing interesting exciting thrilling exhilarating electrifying energizing invigorating stimulating refreshing revitalizing rejuvenating renewing restoring healing soothing calming relaxing comforting reassuring encouraging inspiring motivating uplifting empowering enlightening educating informing instructing teaching training coaching guiding mentoring advising counseling consulting assisting helping supporting backing endorsing advocating promoting championing defending protecting safeguarding preserving conserving maintaining sustaining nurturing fostering cultivating developing growing expanding advancing progressing evolving transforming changing improving enhancing refining upgrading updating modernizing revolutionizing innovating creating inventing designing engineering constructing building assembling manufacturing producing generating making crafting forming shaping molding modeling sculpting carving chiseling cutting slicing dicing chopping mincing grinding crushing pounding beating hammering banging clanging ringing tinkling jingling jangling rattling shaking vibrating humming buzzing whirring clicking ticking tapping drumming thumping bumping knocking rapping slapping snapping cracking popping fizzing hissing sizzling sizzling sizzling sizzling sizzling sizzling sizzle!