EBRD teams up with Akbank to support Turkish SMEs

ISTANBUL

The European Bank for Reconstruction and Development (EBRD) is providing a financing package worth $130 million to Türkiye’s Akbank in a bid to bolster the financing of inclusive growth and digital investments for small and medium-sized enterprises (SMEs) in the country.

The package includes support under three of the EBRD’s financing programs. A loan of up to $70 million will be provided for on-lending to women-led SMEs under the Türkiye Women in Business II program.

Another loan of up to $50 million will be allocated for on-lending to youth-led SMEs under the Youth in Business program.

Finally, a loan of $10 million will support digital transformation investments by Turkish manufacturing SMEs under the Türkiye Digital Transformation Financing Facility.

The financing is closely aligned with the EBRD’s strategic commitments to inclusive and innovation-driven SME banking — key pillars of sustainable economic growth in Türkiye, the development bank said in a statement.

The EBRD is one of Türkiye’s key investors, with more than 23 billion euros committed through 502 projects since 2009, largely in the private sector.