- Loan of €25 million to finance operations of Turkey’s largest logistics firm, Netlog Logistics
- EBRD calls for redoubled efforts to keep logistics and supply chains running
- Bank fully focused on combating economic impact of coronavirus and supporting recover
The European Bank for Reconstruction and Development (EBRD) is providing a financial boost to Turkey’s logistics sector as the coronavirus pandemic makes the continued flow of essential goods more important than ever.
The Bank is extending a €25 million loan to its longstanding partner Netlog Logistics, the largest provider of logistics services in Turkey, and one of the fastest growing logistics firms in Europe, the Middle East and Africa.
Together with its 22 subsidiaries, the company offers a wide range of logistics services for the food, pharmaceutical, fashion and industrial goods sectors, including warehousing, supply chain management, temperature controlled logistics, liquid food transportation, multimodal transport, international road, air and sea freight transportation.
The new financing will make supply chains more resilient and support domestic and international trade.
Arvid Tuerkner, EBRD Managing Director for Turkey, said: “Redoubled effort is needed to keep logistics and supply chains running. The industry is essential during the ongoing coronavirus pandemic and also vital for economic recovery globally. The EBRD is pleased to support Turkey’s largest logistics player, our longstanding partner Netlog Logistics, in this critical moment.”
The Bank has responded to the economic impact of the coronavirus pandemic and is now entirely focused on helping the 38 emerging markets where it invests to combat the severe disruptions they face. The EBRD stands ready to provide support worth €21 billion over the period 2020-21. It includes short-term liquidity, working capital and the restructuring of exposure for existing clients, as well as trade finance and an emergency support programme for infrastructure providers.
The EBRD is a major investor in Turkey. Since 2009 it has invested almost €12 billion in various sectors of the country’s economy, with almost all investment in the private sector. The EBRD’s €6.7 billion Turkey portfolio is the largest among the 38 economies where the Bank invests.