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 296 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.



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