World Bank approves $650m loan to help Turkey manage disasters and revive economy
The loan facility will support the Istanbul Resilience Project, a long-term programme introduced last year and intended to protect economic activity, livelihoods and residents in the country's largest city, the Washington-based lender said in a statement on Friday.
World Bank data shows that Istanbul, home to about 15 million people, contributes a third of Turkey's gross domestic product, and any vulnerability from natural disasters, including earthquakes and climate shocks, would impede its progress, it said.
'The project will help to ensure that key public services can function during and after disasters, protect communities, and preserve economic continuity in the event of a major emergency,' the World Bank said.
The project has four pillars: emergency preparedness and response, public building resilience, technical assistance and contingent emergency response.
The last one, in particular, is dedicated to the rapid reallocation of project funds in the event of an emergency to support urgent recovery and reconstruction needs, the World Bank said.
'This project is vital to safeguard Istanbul's people and economy,' said Humberto Lopez, the World Bank's country director for Turkey.
'By strengthening emergency preparedness, modernising public infrastructure and supporting community resilience, Turkey is building a safer future for one of its most strategic provinces,' he added.
Turkey has embarked on a major economic revival programme following years of flagging activity, including battling chronic inflation in 2024.
Ankara has made moves to implement an turnaround, including raising interest rates to tame inflation – which have since steadily gone down – creating a new economic team and appointing a new central bank chief.
Maintaining or building new infrastructure will be central to the economic plan: the World Bank said that with Istanbul's public building stock ageing and emergency response capacity under strain, 'this investment will help ensure faster and more effective disaster response while strengthening infrastructure against seismic and climate hazards'.
'Ultimately, the project aims to protect millions of people and ensure the continuity of vital services across Istanbul,' it said.
This week, Turkish and Syrian business leaders convened to strengthen economic ties, with the head of the newly re-established Syria-Turkey Business Council saying that any fears about co-operation should be set aside in order to reap mutual benefits.
In May, Turkey said it was seeking more UAE investment in artificial intelligence amid a strengthening of relations between the two countries.
Turkey has also received credit rating upgrades from major agencies – including Moody's first such move in a decade – as they acknowledged the impact of the government's rebalanced economic strategy, improved governance and the tight monetary stance that has helped stabilise the nation's economy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
4 hours ago
- The National
Infinity pools, Michelin dining and yacht berths: A guide to the Middle East's private members' clubs
There's a quiet magic to a private members' club, a refuge that feels refreshingly out of step with the hyper-connected age. Access is often by invitation only, and clubs go to extreme lengths to offer serene interiors that hush the city's clamour. Designed to bring people together over common interests, fine dining and curated events, clubs work hard to create the perfect atmosphere for conversation. They are carefully balanced to be laid-back, yet elevated, offering rare access to acclaimed chefs, leading cultural figures and creative thinkers, and as such are built on exclusivity. Private members' clubs, as we know them today, first took shape in 18th-century London. While the city remains home to some of the most famous names, the Middle East also boasts plenty worth discovering. The only tricky part? Securing a membership. The Arts Club, Dubai Catering to both financiers and art enthusiasts, the Middle Eastern branch of the London original, founded in 1863, is a DIFC haven devoted to literature, the arts and sciences. It features fine dining, a rooftop, a not-so-secret lounge called Vega, as well as a library, along with a packed cultural programme and regular exhibitions that bring its name to life. Nasab, Dubai One for the entrepreneurs, Nasab is set in a gated residential area and offers both a private workspace and social club. Spanning three floors, it has private offices, hot desk spaces, meeting rooms, a photographic studio, an art gallery and a library. It also has dining options, a fitness studio and a rooftop infinity pool, all set within well-appointed gardens that feel like a breath of fresh air. Neera, Dubai Spanning 20,000 square ft in Al Habtoor City, Business Bay, Neera caters to tech entrepreneurs and "titans of industry". A luxurious, exclusive environment, Neera offers top-notch dining options within a stylish, private setting, as well as curated members experiences. A hub to connect people, it has rooftop terraces, a cigar lounge, co-working spaces, multi-functional meeting rooms and even a paddle court. It aims to offer everything a member might need under one roof, even a partnership with a yachting company. Capital Club Dubai Aimed at the region's business leaders, Capital Club is for decision makers to unwind and network. Its membership spans chief executives, founders, directors, ambassadors and government officials. Designed as a space to bring powerful people together, there are curated panels, specialist committees and networking events – all over business lunches by day and more relaxed activities by night. The Club, Abu Dhabi Operating since 1962, The Club is a family-friendly, private-members resort in the capital, offering dining, beach access, several sports and fitness facilities, live entertainment, leisure, sailing and cultural programming. Billing itself as a "second home" for expats and locals alike, it boasts more than 3,500 members. Located on Mina Saadiyat, it has announced plans to relocate in late 2026, but no further details have been given. Ned's Club Doha Located within The Ned Hotel in Doha, it is a private members club with an exclusive roof terrace overlooking the water and city skyline. With an additional private pool and gym, membership includes benefits across the rest of the hotel too. Set in the former Ministry of Interior building, the club offers an international, laid-back experience. Sanad, Doha The Sanad private club, located in downtown Doha, is aimed at those looking to immerse themselves in Arab culture. Featuring works by Arab artists and specialising in Levantine food, the club aims to offer an authentic experience for members. It also features a women-only space for extra privacy. Beihouse, Beirut Built on the elegant, if faded grandeur of Beirut's past, Beihouse is spread across three restored Ottoman era buildings in Gemmayzeh. With beautifully decorated dining rooms, living rooms, atelier and workspaces, it offers fine dining, a cigar room, library, courtyard garden bar and even a rooftop ceramic studio. Golf Club of Lebanon, Beirut One of Lebanon's oldest sporting clubs, this is also the country's only private golf club, established in 1923. The 18-hole course and other amenities such as swimming, tennis, squash and football, are all set within one of the Beirut's largest green spaces – a whopping 400,000 square metres of manicured lawns. Jeddah Yacht Club & Marina, Jeddah Built around the relaxed, beachside Jeddah vibe, this members' spot offers a beach club, spa, and fitness centre, as well as a cigar lounge and Michelin-star dining courtesy of Marina Social by Jason Atherton. Perfect for sports lovers and those seeking an active lifestyle, the club also offers dedicated berthing spots for those who prefer to sail up to the door. Beast House, Riyadh One for EDM lovers, Beast House is hailed as Saudi Arabia's first nightclub that acts as both a private members venue and creative hub. Situated in the Jax District, it aims to help build up the local music scene, with studio space, food and event programming. Part of MDLBeast, members can expect exclusive access to the capital's growing music and club scene. Gezira Sporting Club, Cairo First opened in 1882 on Zamalek Island as a resort for British officers, these days Gezira remains one of Egypt's largest and most famous clubs, offering tennis, swimming, horse riding and even golf. Notoriously hard to get into, the club favours the elite, with past members including Egyptian aristocracy and leaders. Clubs without a physical space 1833, Dubai Co-founded in Dubai in 2024 by Emirati entrepreneur Sultan Al Darmaki, 1833 is a space where "culture, conversation and community meet without pretence". In reality, this translates to a hand-picked membership of creative innovators, with a UAE-centric mindset. Looking to build on a proud identity, this is one for the future builders, connecting via curated events, chef's table evenings, and closed-door sessions across various locations. Tiger 21, Dubai A private club for ultra-high-net-worth individuals, Tiger 21 began in the US in 1999, to exchange knowledge on wealth preservation and legacy building. As Dubai is home to 15 billionaires and more than 72,200 millionaires, membership offers networking opportunities and tailored experiences. Akademy, Dubai Hailing from London, Akademy is aimed at intellectuals, and its Dubai outpost opened in 2023. Grounded in the exchange of knowledge and expertise, it prides itself on bringing together academics, business leaders and creatives to spark dynamic conversations. Soho House Cities Without Houses, several locations A spin-off from the original London Soho House, Cities Without Houses offers global access to the group's extensive creative community, in cities that don't have a full club house. Created for those working in media, arts and the fashion industry, it now has outposts across the region, including Dubai, Jeddah, Beirut and Cairo.
The National
7 hours ago
- The National
Liverpool 2025/26 salaries: New signings Wirtz and Ekitike among highest paid players
After an exhilarating season that culminated in a record-equalling 20th Premier League title, Liverpool have amped up preparations for the new season by keeping busy in the transfer market. The Reds have splashed out over £260 million on new talent for their title challenge this season, with attacking midfielder Florian Wirtz top of the list. It was important for Liverpool to replenish their attack and they started by smashing their transfer record to sign Wirtz from Bayer Leverkusen for an initial £100 million, with a further £16m of add-ons. Liverpool unveiled their other fresh acquisitions during a friendly against Athletic Bilbao, with Jeremie Frimpong, Milos Kerkez and Hugo Ekitike making a positive impression. However, one player whose spot will forever remain vacant is Diogo Jota, who tragically died in a car crash last month. Arne Slot will have the difficult task of getting the team ready, while caring for the mental health of players who might still be coming to terms with the tragedy. Slot revealed it had been a 'tough time for everyone connected with the club, but especially for Diogo's family, his wife, his children and friends'. 'We cannot imagine the pain that they have been going through, and the club will continue to give them all the support they can going forward,' he stated. 'We will always carry him with us in our hearts, in our thoughts, wherever we go.' Liverpool's season begins rightaway with a Community Shield clash against Crystal Palace. Their Premier League campaign kicks off the following Friday against Bournemouth. The focus will be on the new signings and also established stars like Mohamed Salah and Virgil van Dijk as Liverpool aim to win back-to-back English titles for the first time since the 1980s. As the new season approaches, we take a look at where Liverpool's new signings rank in the overall wage bill. Data is collected from reports, and This list could get a substantial bump if Liverpool succeed in signing Newcastle star striker Alexander Isak. Liverpool salaries for 2025/26 1. Mohamed Salah – £400,000 per week 2. Virgil van Dijk – £350,000 per week =3. Florian Wirtz – £200,000 per week =3. Hugo Ekitike – £200,000 per week 5. Andy Robertson – £160,000 per week =6. Alexis Mac Allister – £150,000 per week =6. Ryan Gravenberch – £150,000 per week =6. Alisson Becker – £150,000 a week =6. Federico Chiesa – £150,000 a week =10. Cody Gakpo – £120,000 per week =10. Dominik Szoboszlai – £120,000 per week 12. Jeremie Frimpong – £100,000 per week =13. Giorgi Mamardashvili – £85,000 per week =13. Joe Gomez – £85,000 per week =15. Conor Bradley – – £75,000 per week =15. Kostas Tsimikas – £75,000 per week 17. Ibrahima Konate -£70,000 per week 18. Wataru Endo – £50,000 per week =19. Harvey Elliott – £40,000 per week =19. Stefan Bajcetic – £40,000 per week =21. Calvin Ramsay – £15,000 per week =21. Curtis Jones – £15,000 per week
The National
8 hours ago
- The National
Broke Britain must move on from Robin Hood governments
Per Wikipedia, there are two versions of Robin Hood: one a libertarian who lashes out against those who impose exorbitant tax, the other a socialist who believes in the redistribution of wealth. The latter is the man more familiar to modern audiences – and palatable to the UK's Labour party voters - but I wonder if it's the guy who refuses to be railroaded by the government that Britain actually needs. That's because Britain is broke. There's a £51 billion (almost $69 billion) hole in the budget that the Labour government must fix and yes, for avoidance of doubt, it was previous Conservative governments that left it there. But it is in consistently placing the burden of funding the many on the few that Britain has ceased to be an island of economic opportunity, and instead devolved into an enclave of the over-taxed and under-invested. That's because the majority of those who enjoy Britain's welfare system are not the people paying to support it. Britain's mid-income workers pay less income tax than any other western nation in the G7. In fact, those making around £37,480, the medium full-time salary in the UK in 2024, are paying the lowest percentage of income and payroll taxes since 1990. Meantime, 60 per cent of Britain's tax income is paid by the top 10 per cent of workers, those people making above the £70,000 threshold; and 29 per cent of all income tax revenue comes from the top 1 per cent of that number. It is in consistently placing the burden of funding the many on the few that Britain has ceased to be an island of economic opportunity Labour's disastrous 2024 budget, with its punitive tax regime, forced a now well-documented exodus of the super-rich; for many, the prospect of continuing to prop up and perpetuate a failing nanny state while losing tax exemption on worldwide income spurred them to the exit. But it's the government's refusal to come up with proposals to bring them back or keep the ones sticking around that should have everyone worried. To be clear, the impact of their departure has yet to be properly factored into government forecasts, but the outlook is grim. Non-doms paid £8.9 billion in taxes in 2022-23 and it's difficult to imagine the government won't be losing money once the official body count is in. For more than 30 years, successive governments have been playing Robin Hood to the British public, taxing the rich to pay for the poor. Labour, for good reason, has continued to prop up those with less: wages have not increased in line with inflation, and there is a lack of productivity across the economy that has kept politicians wary of raising the 'sacred cow' of tax hikes. But with less coming in and more going out, the government is now practising false economics in continuing to force out its top 10 per cent. And the idea that these people would return without at least some commitment to helping them carry the weight from the broader public is a fantasy.
