European bank loans Turkish lender to back businesses

By Tuba Sahin

ANKARA (AA) - The European Bank for Reconstruction and Development (EBRD) provided a $54 million loan to Turkish private lender Isbank to support businesses in the country.

The funds will be channeled to the private sector in need of financing to overcome the coronavirus crisis, according to a statement from the EBRD on Tuesday.

As a leading institutional investor in Turkey, the EBRD investments in Turkey have so far exceeded €1 billion ($1.18 billion) this year.

Since 2009, it has invested €12.4 billion ($14.65 billion) through 311 projects in various sectors of the country’s economy, with almost all investment in the private sector.

The EBRD’s €7 billion ($8.3 billion) portfolio in Turkey is the largest among the 38 economies where the bank invests.