EBRD and TSKB working to increase financial opportunities for all

• EBRD lending €75 million to TSKB to support inclusive businesses that provide opportunities to women and young people
• TSKB will also provide financing to earthquake-affected companies
• Project expands partnership between EBRD and TSKB, extending it beyond green financing

The European Bank for Reconstruction and Development (EBRD) is providing a €75 million loan to Turkish bank Türkiye Sınai Kalkınma Bankası (TSKB) to increase financial opportunities for women and young people, as well as companies affected by the earthquakes that hit Türkiye in 2023.

At least 15 per cent of the funds will be lent on to companies with policies and practices that support youth employment, and another 15 per cent will be allocated to companies operating and investing in earthquake-affected regions. The remainder of the proceeds will be lent to inclusive companies with policies and practices that promote female employment and leadership.

Fostering the employment of women and young people in Türkiye could make a significant contribution to economic growth in the country, the reduction of inequality and the promotion of social inclusion and sustainable development. Türkiye consistently lags behind its OECD counterparts when it comes to women and young people participating in the labour force.

These issues are even more pronounced in earthquake-affected regions of Türkiye, which face additional labour market challenges caused by the destruction of infrastructure, the displacement of labour and economic instability.

The loan coincides with the 75th anniversary of TSKB’s establishment and represents an expansion of its collaboration with the EBRD, which began back in 2011. The EBRD has conducted six direct-lending transactions with TSKB over the years, mostly with a view to supporting access to green finance in the country.

Oksana Yavorskaya, the EBRD’s Deputy Head of Türkiye, welcomed the loan, saying: “TSKB has consistently stood out as a key partner, actively contributing to the majority of the EBRD’s initiatives and providing significant support to the Bank’s transition goals and strategic operations in Türkiye. We are pleased to be joining forces with them again, this time to support the employment of women and young people in the country, as well as providing much-needed financing to earthquake-affected businesses.”

TSKB CEO Murat Bilgiç said, "As we celebrate the 75th anniversary of our Bank, we are proud to break a new ground by launching our very first loan with a theme criterion involved promoting youth employment, alongside the ongoing focus on women’s employment and the earthquake-affected regions. Through this new loan agreement signed with the EBRD, once again prioritizing the earthquake region and placing youth and women at its core, we are advancing our country's development journey in a more inclusive direction."

The EBRD is one of Türkiye’s key investors, with almost €22 billion committed through 484 projects and trade finance limits since 2009, largely in the private sector.