Donors at a European Union-led conference on Monday pledged 7 billion euros ($7.5 bln) to help to rebuild Turkey after last month's devastating earthquakes, while Ankara estimated the costs at more than ten times that.

The European Union's lending arm, the European Investment Bank, is to provide 500 million euros ($540 mln) for Turkey's post-earthquake rebuilding efforts, suspending an almost-total ban on financing for Turkey.

The EU executive will give 1 billion euros ($1.07 bln) to help reconstruction in Turkey, the head of the European Commission said on Monday in launching an international conference to drum up support following a devastating earthquake there last month.

The European Union and its international partners gathered in Brussels on Monday seeking to raise money for Turkey and Syria in the aftermath of the earthquake.

Ankara is scrambling to find reconstruction funding as the economic toll from last month’s earthquakes tops $100 billion, posing challenges for a country already struggling with a depressed currency.

The United States has announced $50 million in fresh funding for victims of last month’s powerful earthquakes that caused billions in damage to both Syria and Turkey.  An international donors conference in Brussels was held Monday,