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

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

By Emre Peker

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.

via Turkey May Use 90% of State-Land Sale Proceeds in Rebuilding – Bloomberg.