Turkey agrees loan with European Investment Bank

The Turkish Treasury signed an agreement on Tuesday with the European Investment Bank for a loan of 100 million euros.According to a statement issued by the Treasury the loan would be used to finance preparations and urgent intervention capabilities in Istanbul in case of an earthquake.The statement also said the loan is in addition to the 200 million euro loan given in October 2013.“This loan will enable retrofitting and rebuilding of public facilities to minimize the destructive effects of a possible earthquake and to prevent the avoidable losses through a proactive approach,” the Treasury said.Istanbul has suffered serious quake damage 12 times in its history. The most recent, in 1999, was less than 100 km east of Istanbul and more than 18,000 people died.