Econostrum | Economic News in the Mediterranean

The Turkish bank İşbank obtains a $54m loan to help Turkish companies

Written by Frédéric Dubessy on Tuesday, September 8th 2020 à 16:04 | Read 432 times

Isbank has an additional €54m available for Turkish companies (photo: EBRD)
Isbank has an additional €54m available for Turkish companies (photo: EBRD)
TURKEY / EU. To boost bank lending to Turkish companies, the European Bank for Reconstruction and Development (EBRD) is providing a $54 million (€45.7 million) loan to İşbank (Turkiye İş Bankasi) on Tuesday 8 September 2020.

The leading Turkish private lender, İşbank will be able to offer additional credit to Turkish companies in temporary difficulties due to the consequences of the coronavirus pandemic.

As of May 2020, the EBRD had lent $175 million (€162 million) to DenizBank to support its clients. 100 million had been earmarked for international trade assistance for Turkish importers and exporters and $75 million had enabled it to increase its availability of short-term financing for municipalities and agri-food companies.

The EBRD's investments in Turkey exceeded €1 billion in 2020, according to an EBRD press release. It has also invested €12.4 billion in 311 projects in the country since 2009 and its first operations there. Almost all of them were in the private sector. "The EBRD's €7 billion portfolio in Turkey is the largest of the 38 economies in which the bank invests," the text says.

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