- Joint loan of €4 million to Turkish copper wire producer Mega Metal
- Financing addresses company’s working capital needs
- EBRD-TSKB partnership to ease access to finance for Turkey’s corporates
The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB) – the Industrial Development Bank of Turkey – are jointly providing a €4 million loan to Turkey’s leading producer of superfine copper rod Mega Metal San. ve Tic. A.S. to address working capital needs in the face of the coronavirus pandemic.
Mega Metal, a pioneer in the production of copper wire in Turkey, is manufacturing oxygen-free electrolytic copper wire used primarily by global cable manufacturers. Mega Metal was established in 2004 and has been a client of TSKB since 2018.
The loan will be divided equally between the EBRD and TSKB. The institutions are working together to improve and simplify access to finance for small and medium-sized enterprises across Turkey. Under a risk-sharing agreement, the two lenders provide equal loans to eligible businesses.
The EBRD is a leading institutional investor in Turkey and to date has invested almost €13 billion in the country through 334 projects, with 95 per cent of these in the private sector. In 2020, the Bank responded to the Covid-19 pandemic by stepping up its financing in Turkey to €1.7 billion from €1 billion in 35 projects in 2020.