EBRD loan to Turkey’s Akbank boosts lending to businesses

By Olga Rosca
@olgarosca

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US$ 75 million of new financing in volatile environment

  • US$ 75 million to boost bank lending to Turkish businesses amid volatility
  • Greater access to finance helps companies overcome coronavirus crisis
  • EBRD dedicated to helping Turkey and other economies recover from pandemic

The European Bank for Reconstruction and Development (EBRD) is continuing to expand access to finance for Turkish businesses with a new US$ 75 million loan to Akbank, a major local lender.

The funds will be channelled to Turkish businesses experiencing temporary difficulties because of the coronavirus pandemic and in need of financing to overcome the crisis.

The new loan is part of the EBRD’s efforts to support Turkey and other countries where it invests to combat the economic impact of the virus and support recovery. The Bank stands ready to provide support worth €21 billion over the period 2020-21 to the 38 economies where it currently invests.

The EBRD is a major investor in Turkey. Since 2009, it has invested €12.4 billion through 311 projects in various sectors of the country’s economy, with almost all investment in the private sector. The EBRD’s €7 billion portfolio in Turkey is the largest among the 38 economies where the Bank invests.

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