- EBRD provides US$ 50 million in trade finance to Turk Ekonomi Bankasi
- Stepping up support for exporters and importers
- Trade key to keeping the wheels of the economy turning
The European Bank for Reconstruction and Development (EBRD) is supporting exporters and importers in Turkey by providing US$ 50 million in trade finance to Turk Ekonomi Bankasi A.S. (TEB) under the EBRD’s Trade Facilitation Programme (TFP).
The facility will help TEB diversify its trade finance business, increase available limits and offer longer maturities to customers, supporting cross-border trade and contributing to the overall economic growth of the country.
TEB is the seventh-largest private bank in Turkey and has a strategic partnership with France’s BNP Paribas. It provides banking services to retail, corporate and SME (small and medium-sized enterprise) clients in Turkey.
The EBRD’s TFP aims to promote foreign trade to, from and among the economies in which the Bank invests. Through the programme, the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors. In 2020, the Bank delivered a record €3.3 billion in trade finance to help the economies where it invests overcome the impact of the Covid-19 pandemic.
The EBRD is a leading institutional investor in Turkey and has invested €13.9 billion in the country to date through 349 projects, with 95 per cent of those investments in the private sector. The Bank’s €7 billion portfolio in Turkey is the largest among the 38 economies in the EBRD regions.