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FinancialNews
17-05-20
Turkey's QNB Finansbank recieves USD108 million from EBRD
(MENAFN)
The European Bank for Reconstruction and Development (EBRD) said on Thursday that it is going to give a USD108 million load to a Turkish bank in order to help the trade and small businesses in the country.
A statement released by the EBRD said that the ANB Finansbank is going to increase the trade activities thanks to the load and will raise th lending rate to small businesses in the middle of the coronavirus outbreak.
Half of the funding is going to support the trade finance activists like guarantees to international confirming banks, going for the commercial and political payment risk of global trade transcations and the rest of the funds is going to be on lent to local firms that have been hit by the coronavirus.
EBRD managing director for Turkey, Arvid Tuerkner, said that "our financing for QNB Finansbank has three important goals: to provide finance needed to keep trade flowing, to bridge the liquidity gap for companies under stress, and to strengthen the resilience of the Turkish banking sector".
MENAFN1705202000450000ID1100175147
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