Econostrum | Economic News in the Mediterranean
     

Alternatif Bank to provide $50 million in loans to Turkish SMEs affected by the pandemic


Written by Frédéric Dubessy on Tuesday, October 20th 2020 à 16:18 | Read 289 times



Alternatif Bank to support Turkish companies (photo: EBRD)
Alternatif Bank to support Turkish companies (photo: EBRD)
TURKEY / EU. Alternatif Bank signs two agreements with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC-SFI of the World Bank Group) for a total amount of loans of $50 million divided equally between the two institutions.

The arrival of these funds will enable the Turkish bank, a 100% subsidiary of the Commercial Bank of Qatar, to on-lend them to Turkish SMEs affected by the economic impact of Covid-19.

"The EBRD has responded quickly to the needs of local businesses with investments in Turkey that to date already exceed €1 billion this year. The new loan will enable Alternatif Bank to continue lending to Turkish businesses and help counter the impact of the coronavirus epidemic on the economy," said Arvid Tuerkner, EBRD Managing Director for Turkey. Since its first operations in the country, the European bank has invested nearly €12.5bn in various sectors.

 



   Partners









About Econostrum.info Econostrum.info is an independent media that deals with the daily economic news of the countries bordering the Mediterranean. Economic cooperation, business news by sector (Industry, Services, Transport, Environment, Society/Institutions), thematic files, airport news, airlines and shipping companies (new destinations)... are treated and analysed by a team of journalists present in the Mediterranean basin. Subscribe to Econostrum.info To be the first to know, with unlimited access to all articles. To receive the weekly newsletters and special newsletters sent as soon as our files are published. Automatically renewable subscription, but the reader keeps control of it or yearly subscription. For individuals or professionals...