During Governor Carlo Monticelli’s first visit to Türkiye, the Council of Europe Development Bank (CEB) and the Ministry of Treasury and Finance signed two loan agreements totaling €280 million to enhance earthquake preparedness and sustainable urban transport in Istanbul. A €230 million loan will continue financing the Istanbul Seismic Risk Mitigation and Emergency Preparedness Project (ISMEP), which has been ongoing since 2006, aimed at strengthening the city’s resilience to major earthquakes through improved disaster-management systems. A separate €50 million loan will support the Marmaray Commuter Rail Project, a key component of Istanbul’s public transport network.
Governor Monticelli emphasized that the Bank’s portfolio in Türkiye has expanded significantly since the 2023 earthquakes, reflecting its commitment to resilience and social infrastructure. Minister Mehmet Şimşek highlighted that the ISMEP funding will enhance earthquake resilience, particularly for critical healthcare infrastructure, while the additional support for Marmaray will improve sustainable urban mobility and connectivity.
The new ISMEP loan will strengthen the seismic resilience of two major public healthcare facilities—Prof. Dr. Cemil Taşcıoğlu City Hospital and Kartal Dr. Lütfi Kırdar City Hospital—ensuring access to essential medical services for approximately 20,000 patients per day, especially vulnerable populations. This marks the fifth CEB loan under ISMEP and continues the Bank’s long-term engagement in disaster prevention and resilience in Türkiye, following over €500 million in post-2023 earthquake loans and additional grants for mitigation and preparedness.
The Marmaray Commuter Rail Project modernizes and integrates suburban rail lines across a 76 km corridor on both sides of the Bosporus, providing safe, affordable, and low-emission transport for around half a million passengers daily. The new €50 million loan will improve connectivity to Haydarpaşa Station, a key rail hub on the Asian side of Istanbul, while preserving archaeological remains discovered during construction.
During his visit, Governor Monticelli also attended the inauguration of a new health centre under the SHIFA Project, a €140 million EU-funded initiative implemented with CEB support to improve healthcare access for refugees, vulnerable populations, and host communities across Türkiye.
Türkiye, a founding member of the CEB and one of its largest shareholders, has received over €9 billion in financing since 1956 for sectors including post-earthquake recovery, seismic-resilient infrastructure, urban transport, MSME financing, municipal resilience, and healthcare, reflecting a seven-decade-long partnership between the Bank and the country.
