CEB and Türkiye sign €280 million in loans to bolster quake resilience and green transport

The Council of Europe Development Bank (CEB) has signed two loan agreements worth a combined €280 million with Türkiye’s Ministry of Treasury and Finance to strengthen earthquake preparedness and sustainable urban transport in Istanbul, according to the Bank. The agreements were concluded during CEB Governor Carlo Monticelli’s first official visit to the country and build on a partnership that spans seven decades.

Most of the new financing – €230 million – will go to the long-running Istanbul Seismic Risk Mitigation and Emergency Preparedness Project (ISMEP), launched in 2006 to upgrade disaster management and reduce earthquake risks. The fresh funds will focus on reinforcing two major public hospitals, Prof. Dr. Cemil Taşcıoğlu City Hospital and Kartal Dr. Lütfi Kırdar City Hospital, so they can remain operational during major shocks and continue serving millions of people, particularly the most vulnerable. The investment is expected to benefit around 20,000 patients every day.

A second loan of €50 million will support the Marmaray Commuter Rail Project, a 76‑kilometre corridor that links suburban rail lines on both sides of the Bosphorus and carries around half a million passengers daily. The new financing will help improve connections to Haydarpaşa Station on Istanbul’s Asian side, strengthening links with the national rail network while also preserving important archaeological finds uncovered during the works.

CEB officials noted that the Bank’s portfolio in Türkiye has grown significantly since the February 2023 earthquakes, with more than €500 million approved for reconstruction and nearly €2 million in grants for risk reduction and preparedness. During his visit, Governor Monticelli also attended the opening of a new health centre under the EU‑funded SHIFA project, which aims to improve healthcare access for refugees, vulnerable people and host communities. Türkiye, a founding CEB member and one of its largest shareholders, has received more than €9 billion in financing since 1956, spanning post‑earthquake recovery, resilient public infrastructure, urban transport, MSME support, municipal resilience and health.