08.Sep .2020 12:56

Funding boost for Turkish businesses as EBRD lends to Isbank

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•Loan of US$ 54 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 maintaining its focus on expanding access to finance for Turkish businesses, with a new US$ 54 million loan to Isbank, the largest private lender in the country.

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 EBRD has responded rapidly to the needs of local companies and the Bank’s investments in Turkey so far this year have exceeded €1 billion.

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.