World Bank approves $450 mln for SMEs in Turkey's earthquake-hit region

The World Bank has approved $450 million in financing for small and medium-sized enterprises in the region of Turkey that was devastated by massive earthquakes in February, Industry Minister Mehmet Fatih Kacir said on Thursday.

Turkey is also planning to begin using financing provided by the Japan International Cooperation Agency within a month, he said.

February's earthquakes in southern Turkey killed more than 50,000 people and left millions homeless. Business groups, economists and the government have said rebuilding could cost Turkey more than $100 billion.