EBRD teams up with Akbank to support SMEs in Türkiye

• EBRD provides US$ 130 million financing package to Akbank
• Package will deliver inclusive growth and digital advances for SMEs
• Package will include EU (EFSD+) and Türkiye guarantees 

The European Bank for Reconstruction and Development (EBRD) is providing a financing package worth US$ 130 million (€112.4 million) to Türkiye’s Akbank in a bid to bolster the financing of inclusive growth and digital investments for small and medium-sized enterprises (SMEs) in the country.

The package includes support under three of the EBRD’s financing programmes: a loan of up to US$ 70 million (€60.5 million) for on-lending to women-led SMEs under the Türkiye Women in Business II programme; a loan of up to US$ 50 million (€43.2 million) for on-lending to youth-led SMEs under the Youth in Business programme in Türkiye; and a loan of US$ 10 million (€8.6 million) to support digital transformation investments by Turkish manufacturing SMEs under the Türkiye Digital Transformation Financing Facility.

The transaction is supported by a first loss risk cover from the European Union through its European Fund for Sustainable Development Plus (EFSD+) Growth4All guarantee as well as the Turkish Ministry of Treasury and Finance through the Small and Medium Enterprises Development Organization of Türkiye (KOSGEB) and Credit Guarantee Fund (KGF).

Fostering youth and women’s employment in Türkiye presents a significant opportunity to boost the country’s economic growth, reduce inequalities, and promote social inclusion and sustainable development. The financing is closely aligned with the EBRD’s strategic commitments to inclusive and innovation-driven SME banking – key pillars of sustainable economic growth in Türkiye.

Akbank is one of the EBRD’s oldest partners in Türkiye and has participated in many of its initiatives and frameworks over the years.

Oksana Yavorskaya, Deputy Head of Türkiye at the EBRD, said: “Akbank is a longstanding and highly reliable partner for the EBRD. Together, we are advancing inclusive and innovative growth for SMEs in Türkiye – mobilising finance, accelerating digital transformation and strengthening supply chains so that small and medium-sized enterprises can expand, compete and contribute to a more resilient economy.”

Şebnem Muratoğlu, Executive Vice President of Treasury and Financial Institutions at Akbank, said: “We are broadening our ongoing collaboration with the EBRD through diverse financing programmes and continue to advance in our support for SMEs. Echoing our partnership with the EBRD in 2021 and 2022 in acquiring financing from the TurWiB programme to support women-led SMEs, we are pleased to be continuing this collaboration. Facilitating access to finance for young entrepreneurs through the newly announced TurYiB programme will enable Akbank to broaden our social impact as part of our sustainability goals. Technological investments are a key focus for Akbank, and we will continue to maintain our leading role in this area by contributing to the financing of SMEs’ digital transformation within the scope of the DTFF.”

The EBRD is one of Türkiye’s key investors, with more than €23 billion committed through 502 projects since 2009, largely in the private sector.