Türkiye and the World Bank struck a $1 billion finance agreement Friday, aimed at facilitating the World Bank’s support for the country’s earthquake-devastated southeastern region.

The Türkiye Earthquake Recovery and Reconstruction Project will help restore health services, rebuild damaged or destroyed municipal infrastructure, and repair and rebuild rural homes damaged or destroyed by the pair of earthquakes that rocked southeastern Türkiye early in February.

Over 50,000 people were killed by earthquakes with magnitudes 7.7 and 7.6 that hit 11 provinces, which are home to about 14 million people.

The World Bank announced the approval of the financing on June 27.

Some $296.5 million of the loan will be allocated for the projects of the Ministry of Environment, Urbanization, and Climate Change, $252.2 million for the Ministry of Health and $388.3 million for Iller Bank (ILBANK) projects.

The loan has a total maturity of 18 years with a five-year grace period and the interest rate is determined as Euribor+74 bp.

Commenting on the financing, Treasury and Finance Minister Mehmet Şimşek said: “With the support and opportunities provided by both international and domestic parties, we will continue to work with all our strength so that the region can quickly return to its old good days.”