EBRD Provides US$90 Million Loan to Akbank for Türkiye Earthquake Recovery

EBRD Provides US$90 Million Loan to Akbank for Türkiye Earthquake Recovery

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has approved a loan of up to US$90 million to Akbank in Türkiye as part of the Türkiye Disaster Response Framework. The loan will assist businesses and individuals affected by the devastating earthquakes that struck southeastern cities in Türkiye. Akbank will distribute the funds directly to support reconstruction efforts and provide financial opportunities to those impacted by the earthquakes. This loan is part of the EBRD’s comprehensive earthquake response package for Türkiye. Akbank, Türkiye’s leading private bank, will leverage its extensive branch network to facilitate the recovery process. The EBRD has invested over €18 billion in various sectors of the Turkish economy to date.

(PRESS RELEASE) LONDON, 14-Jul-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, has approved a loan of up to US$90 million to Türkiye‘s Akbank as part of the Türkiye Disaster Response Framework (DRF) launched in response to the devastating earthquakes that struck the country’s southeastern cities.

Akbank will utilize the funds to provide direct support to businesses and individuals impacted by the earthquakes on 6 February, which resulted in significant loss of life and widespread damage. The loan aims to assist the affected communities in rebuilding their lives and businesses while expanding their financial opportunities.

This funding to Akbank falls under the DRF, an intermediated finance framework of up to €600 million designed for Turkish banks. The DRF is an integral part of the EBRD’s €1.5 billion comprehensive earthquake response package.

Francis Malige, Managing Director, Head of Financial Institutions for the EBRD, said: “With this project, we continue our efforts to rebuild the economies in regions affected by the earthquakes. We are proud to provide funds to the region’s people and companies through our long-standing and excellent partner Akbank to help rebuild their businesses and lives.”

Levent Çelebioğlu, Executive Vice President of Corporate and Investment Banking at Akbank, said: “Thanks to our cooperation with the EBRD we will provide further support to our customers in the earthquake region and continue to help them recover from the effects of the devastating earthquake.”

Akbank, Türkiye’s leading private bank with an extensive branch network, is majority-owned by the reputable Sabancı Group, with 51% of its shares publicly traded.

To date, the EBRD has invested over €18 billion in various sectors of the Turkish economy, predominantly in the private sector.

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SOURCE: EBRD