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  • 20-10-20

    EBRD aids Turkey's businesses

    (MENAFN) Companies and medium sized enterprises (SMEs) in turkey were impacted negatively by the Covid-19 pandemic, and are finally getting some help. The European Bank for Reconstruction and Development (EBRD) has declared that they will be offering up to USD25 million as a credit package for private lender Alternatif Bank to offer loans to business.

    The bank's supervising director for Turkey, Arvid Tuerkner, stated that the EBRD has already invested an amount of USD1.18 billion loan facilities to national Turkish companies in 2020 so far.

    he added that: "The new loan will enable Alternatif Bank to continue lending to Turkish businesses, and help counter the virus fallout on the economy."

    The EBRD declared that the International Finance Corporation, as well, will be offering a similar-sized loan for SMEs.

    The Alternatif Bank CEO, Kaan Gur, noted: "We will make a significant contribution to the development of the Turkish private sector."

    The EBRD is a key investor in Turkey, with a totality of investments estimated to USD15 billion since 2009 through over 300 schemes in different divisions.

    Alternatif Bank is completely owned by The Commercial Bank of Qatar, and was established in 1991.

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