Istanbul: Turkish President Recep Tayyip Erdogan has revealed that terrorism has cost the Turkish economy over $2.3 trillion over the past four decades.

According to National Iraqi News Agency, Erdogan emphasized Turkey's commitment to the "Turkey Without Terrorism" initiative, aiming to eliminate terrorism and promote national unity and stability.

Speaking at the Justice and Development Party's advisory council meeting in Istanbul, Erdogan announced that the government is ready to submit necessary legislation to parliament to further this initiative. He highlighted that Turkish society demands an end to terrorism, which has not only economically drained the country but also claimed significant human lives.

Erdogan acknowledged potential challenges, noting that some parties might attempt to hinder the initiative through negative campaigns. However, he assured that the government would persist with calmness and patience to achieve its objectives. He urged party members to engage with citizens, explaining the project's potential political, economic, and social benefits.

Erdogan detailed domestic efforts, including the renovation of one million housing units in Istanbul and ongoing urban transformation projects. He introduced the "Half of It's On Us" program, converting 377,000 homes and providing social housing for low-income families. The first social housing project for rent in Istanbul, with 15,000 units, will begin leasing in September through a public lottery system.

The housing initiative aims to offer below-market-rate rentals with three-year contracts, benefiting many low-income families. Additionally, Erdogan announced support for artisans and small business owners, increasing treasury-backed operating loans from 1 million to 1.5 million lira and raising investment loan ceilings from 2.5 million to 3.5 million lira. This support package is designed to stimulate economic activity and bolster the SME sector.