Bloomberg News

Turkey May Use 90% of State-Land Sale Proceeds in Rebuilding

May 10, 2012

Turkey’s government will use as much as 90 percent of proceeds from state-land sales to rebuild disaster areas and reconstruct apartments to withstand earthquakes, Finance Minister Mehmet Simsek said.

Turkey may raise 14.8 billion liras ($8.3 billion) if all buyers pay the money upfront, qualifying for a 20 percent discount, Simsek said. The sale of former forest land will legalize buildings that were illegally constructed there.

To contact the reporter on this story: Emre Peker in Ankara at epeker2@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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