Azerbaijan, Baku, Oct. 7 / Trend A.Badalova /
The European Bank for Reconstruction and Development (EBRD) supports two under-served business categories in Turkey - agribusiness and enterprises led by women by providing a 60 million euros financing facility, EBRD reported on Monday.
The EBRD financing will be distributed to clients of SekerBank, a dynamic Turkish bank looking to develop its small and medium-sized enterprise (SME) portfolio.
According to the report, the EBRD credit will be provided in tranches, the first of which will be a loan of 40 million dollars (31 million euros) for investment in subordinated debt. Two other International Financial Institutions (IFIs) are providing loans alongside the EBRD. 50 million dollars will be provided by the International Financing Corporation (IFC), and 10 million euros will come from the European Fund for Southeast Europe (EFSE).
SekerBank will benefit from technical assistance for the development of new financial products, supported by donor funds from the United States, the European Union and the EBRD's own funds.
Since the beginning of its operations in Turkey, the EBRD has invested over 3 billion euros in almost 100 projects. About 500 million euros was dedicated to SMEs, including 210 euros for agribusiness.
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