On August 17, 1999 an earthquake measuring 7.4 on the Richter scale devastated the Marmara region of Turkey. Over 17,000 lives were lost, an estimated 200,000 people were made homeless in the region, and Turkey’s industrial heartland was extensively damaged. A major reconstruction effort and recovery plan was needed, including support to economic recovery, in addition to a mechanism to reduce the costs of future natural disasters.
The Marmara Earthquake Emergency Reconstruction Project was rapidly launched, with the support of an IBRD loan of US$505 million approved in November 1999, to restore the living conditions in the region of Turkey devastated by the earthquake, support economic recovery and resumption of growth, and develop an institutional framework for disaster risk management and mitigation. The project was successfully completed in 2007