EBRD provides $127 mln loan to İş Bankası

EBRD provides $127 mln loan to İş Bankası

EBRD provides $127 mln loan to İş Bankası

The European Bank for Reconstruction and Development (EBRD) has said it is providing $127 million in new funding to İş Bankası for on-lending to women-led businesses and to facilitate Türkiye’s transition to a green economy.

“The funds will be split between the Türkiye Women in Business (TurWiB II) program, which finances women-led small and medium-sized enterprises, and the Türkiye Sustainable Energy Finance Facility (TurSEFF III) program, which supports resource efficiency and small-scale renewable energy investments,” the EBRD said in a statement.

With this new investment, the 350 million euros financing made available under the TurSEFF III program is now fully subscribed, it added.

The financing is being made available through the Bank’s Diversified Payment Rights (DPR) program, an established market instrument used by Turkish banks to raise long-term funding.

“The EBRD remains committed to securing the competitiveness of women-led businesses in Türkiye and will continue to expand financial opportunities for women in the economy... We are also dedicated to accelerating the country’s green agenda through our investments,” said Arvid Tuerkner, EBRD’s managing director for Türkiye.

In addition, women-led businesses will benefit from risk sharing through the Turkish Credit Guarantee Fund and the Treasury and Finance Ministry. They will also have access to advisory, mentoring and networking opportunities, facilitating their access to know-how, non-financial development services and markets.

The new funding under the TurWiB II program is part of the 600 million euros in financing dedicated to Turkish women entrepreneurs announced last year by EBRD President Odile Renaud-Basso.

The EBRD is a leading institutional investor in Türkiye. It has invested more than 16.5 billion euros in 378 projects in the country since 2009, with the overwhelming majority of those projects in the private sector.