Turkish President Recep Tayyip Erdogan announced today that the government will sponsor half of the cost of an urban transformation project in Istanbul, aimed at rebuilding the city’s old buildings. Erdogan stated, in a speech during the ceremony of handing over and laying the foundation stone for urban transformation projects held in the Gaziosmanpasa district of Istanbul, that the government will make a financial contribution to anyone who wants to own a house, pointing out that so far 3.3 million homes have been renovated with the urban transformation, as signed Construction of 1.2 million homes by the Toki Housing Corporation. He explained that, thanks to the contributions of the private sector, good levels have been reached in this project compared to what it was 20 years ago, but he considered what has been achieved so far. "Insufficient"Therefore, the authorities accelerated the process of urban transformation in cities and places with a high risk of exposure to earthquakes, especially the city of Istanbul. The south of Turkey was exposed, on the sixth of last February, to a devastating earthquake, which left behind more than 50,000 dead, hundreds of thousands of injured, and material losses amounting to about 100 billion US dollars.
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