(PRESS RELEASE) LONDON, 8-Sep-2020 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) expands access to finance for Turkish businesses to help them recover from the pandemic, with a new US$ 54 million loan to Isbank, the largest private lender in the country. The loan will boost Isbank’s lending to Turkish businesses amid volatility.
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.
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