...

European bank backs women-led businesses in Turkey

Finance Materials 21 February 2021 08:19 (UTC +04:00)

The European Bank for Reconstruction and Development (EBRD) has provided a $100 million fund for Denizbank to support companies' investments in green technologies and women-led businesses in Turkey amid the COVID-19 pandemic, Trend reports citing Hurriyet Daily News.

The loan with a long-term maturity of up to seven years will help to build the resilience of the Turkish economy, the EBRD said in a statement on Feb. 19.

"The financing is made available through an investment under Denizbank's existing Diversified Payment Rights (DPR) program, an established market instrument used by Turkish banks to raise long-term funding," the statement read.

Denizbank is planning to issue a total of $435 million, marking its return to DPR securitization under the Emirates NBD Bank’s ownership.

The issuance has attracted a host of investors, including the International Finance Corporation, Credit Suisse, and the parent Emirates NBD Bank.

The funds will be equally split between the women in the business program to finance women-led small and medium-sized entrepreneurs and the Turkey Sustainable Energy Finance Facility program in support of resource efficiency and small-scale renewable energy investments.

The EU is supporting both initiatives with grant funding.

The new investment follows a record €893 million ($1.08 million) in financing to Turkish financial institutions in 2020.

The EBRD is a major investor in Turkey and to date, the bank has invested almost €13 billion in the country through 334 projects, 95% of which is in the private sector.

In 2019, the Emirates NBD Bank PJSC of United Arab Emirates bought 99.85% shares of private lender Denizbank.

Tags:
Latest

Latest