EBRD provides $100 million financing to İşbank

The European Bank for Reconstruction and Development (EBRD) is providing $100 million in financing to İş Bankası (İşbank), the largest private bank in Türkiye, for assistance to earthquake relief efforts and support for women-led small and medium enterprises (SMEs).

Some $80 million of the proceeds will be used to promote recovery and reconstruction efforts in the south-eastern region of Türkiye, which witnessed a series of devastating earthquakes in February, the EBRD said in a statement.

“The facility will expand financing opportunities for companies involved in recovery and reconstruction efforts through essential service and management or supply contracts with relevant organizations, allowing them to expand or adjust their operations accordingly.”

The disaster-response financing will fall under the EBRD’s Türkiye Disaster Response Framework, a 600 million euro response package for partner banks to provide credit lines to businesses and individuals in the affected region.

Around $20 million of the financing is provided under the EBRD’s Women in Business program to support women-led SMEs in Türkiye and to strengthen the country’s real economy and women’s participation in it.

The EBRD previously announced a 1.5 billion euro, two-year investment plan for the region, intended to lessen the economic impact of the disaster.

“This facility will play a pivotal role in advancing our vital frameworks in Türkiye, especially in disaster response and promoting women’s entrepreneurship.Together, we’re building a resilient and inclusive future for the Turkish economy,” said Dariga Haynes, EBRD associate director.

To date, the EBRD has invested more than 18 billion euros in the Turkish economy, largely in the private sector.

Source: hurriyetdailynews

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