On July 7, 1950, the World Bank approved its first loan to Turkey, namely a $3.9mn facility for a grain storage project, the development bank said in a press release for the commemoration of the 75th anniversary of its partnership with the country.

It was the 27th loan approved by the World Bank since its establishment in 1944. Under the project, silos were built at the ports of Haydarpasa (Istanbul), Alsancak (Izmir) and Iskenderun (Hatay).

In 1952, a $25.2mn loan was provided for a multipurpose project to generate hydroelectric power on the Seyhan River, control flooding and irrigate the Adana plain. This work continued with funding from the International Development Association (IDA) after its establishment in 1960.

In 1974, the World Bank approved the largest loan it had extended at that time, namely a $148mn facility to help development of a $1.2bn lignite mine and the Afsin-Elbistan coal power plant in central Turkey.

Other major partners, including the European Investment Bank (EIB) along with the governments of Germany, France, Italy, and Belgium had also participated in the project, which increased Turkey’s then installed capacity by 20% with the construction of the 1.2-GW plant.

In 1999, one of the worst disasters in recent years, namely the Marmara earthquake, hit northwestern Turkey. It killed more than 18,000 people in ten cities, including Istanbul (the country’s financial, cultural and industrial hub), and it inflicted economic losses worth over $80bn.

In the immediate aftermath, the World Bank provided emergency recovery assistance and $505mn for the construction of over 11,000 homes.

In February 2023, twin earthquakes in south-central Turkey killed more than 50,000 people, displaced 3.3mn and damaged or destroyed more than 800,000 buildings. It was the largest disaster in the country in more than 80 years.

In the immediate aftermath, a $1bn Turkey Earthquake Recovery and Reconstruction Project, the largest single financing package to the country, was launched.

The World Bank’s currency commitment to Turkey stands at $16bn in total while the combined World Bank Group programmes in the country stands at about $25bn.