European bank provides $50 mln in trade finance to Turkish lender
The facility, aiming to boost support for exporters and importers, will be channeled under the EBRD's Trade Facilitation Programme (TFP), according to a statement by the bank.
TEB is the seventh-largest private bank in Turkey and has a strategic partnership with France's BNP Paribas.
Through TFP, the EBRD provides guarantees to international confirming lenders and short-term loans to chosen banks and factoring companies for on-lending to local exporters, importers, and distributors.
In 2020, the bank delivered a record €3.3 billion (nearly $3.9 billion) in trade finance to help the economies where it invests overcome the fallout of the coronavirus pandemic.
It is also a major institutional investor in Turkey and has invested €13.9 billion in the country to date through 349 projects, with 95% of those investments in the private sector.