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13-06-20
European bank gives 75M USD to Turkey's Akbank
(MENAFN)
The European Bank for Reconstruction and Development (EBRD) on Friday, June 12th said that it extended access to finance for Turkish businesses with a new 75 million U.S. dollars loan to Akbank, a major local lender in Turkey.
The funds will increase bank lending to Turkish businesses during the financial crisis created by the coronavirus pandemic, said EBRD in a statement.
The new loan is part of the EBRD's aid to Turkey and other countries where it invests to fight the economic impact of the virus and support recovery.
Since 2009, it has devoted 12.4 billion Euros (13.95 billion U.S. dollars) through 311 projects in various sectors of the country's economy, with almost all investment in the private sector.
The EBRD's 7 billion Euros (7.8 billion U.S. dollars) portfolio in Turkey is the biggest among the 38 economies where the bank invests.
MENAFN1306202000450000ID1100317670
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