Press "Enter" to skip to content

Türkiye’s Disaster Reconstruction Fund nears implementation phase

Treasury and Finance Minister Mehmet Şimşek announced Thursday that regulations regarding the operation of the Disaster Reconstruction Fund have been prepared and sent to the Presidency to be published in the Official Gazette, thus coming to its last phase for implementation.

“Reconstruction and construction projects in disaster areas, especially in areas affected by the Kahramanmaraş earthquake of Feb. 6, 2023, will be financed in a planned manner, in coordination with institutions,” he said.

Speaking to Anadolu Agency (AA), the minister provided an assessment of the “Disaster Reconstruction Fund,” which was established last year with the legislation enacted.

Shortly after the devastating earthquakes that struck the southeastern region of the country, the Turkish Parliament approved a new law proposal aimed at creating the stated fund.

Şimşek explained that with the said law, the fund will oversee the allocation of resources to restore infrastructure and superstructures in areas declared by the Disaster and Emergency Management Authority (AFAD) as disaster areas affecting general life after natural disasters.

He said that the fund will be affiliated with the Ministry of Treasury and Finance.

The board of directors for the fund will also comprise the minister of environment, urbanization and climate change, the minister of energy and natural resources, the minister of agriculture and forestry, the minister of transport and infrastructure and the head of strategy and budget, he noted.

Providing information about the fund’s resources, Şimşek said: “These resources will consist of all kinds of cash donations, aid, grants and loans, including bonds from both domestic and foreign sources, as well as allocations from the budget for this purpose.”

He also indicated that the fund would transfer these resources to relevant projects based on the goals specified in the law and decisions of the management board.

“The regulation of the Disaster Reconstruction Fund, which is carried out under the coordination of our ministry to determine the procedures and principles of its structure and operation, has been completed, and the regulation has been sent to the Presidency to be published in the Official Gazette,” he noted.

“After the publication of the regulation, reconstruction and construction projects in disaster areas, especially in the areas affected by the earthquakes in Kahramanmaraş on Feb. 6, will be financed in a planned manner and coordination with institutions.”

Highlighting the benefits of utilizing cost-effective external financing, Şimşek emphasized that the fund would ensure the efficient, effective and transparent use of resources.

He also mentioned that the fund would be subject to independent audits by audit standards and also to a Court of Accounts audit.

“Within this framework, our collaboration with our relevant institutions will continue closely in line with the specified goals,” he concluded.

More from BusinessMore posts in Business »

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *