May 7 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it has approved a $175 million (162 million euro) loan to Turkish lender DenizBank to boost its trade finance activities and lending to municipalities and firms amid the coronavirus pandemic.
Some $100 million of the funding will be used to support DenizBank’s financial instruments and products for international trade and finance, while the remaining $75 million will go to raise DenizBank's short-term financing for municipalities and agribusinesses affected by the crisis, the EBRD said in a press release.
"As a major investor in Turkey, the EBRD’s goal is to ensure resilience of the financial sector and the economy as a whole in these challenging times," Arvid Tuerkner, EBRD managing director for Turkey, said in the statement.
The EBRD is providing the loan within its Solidarity Package aimed at helping firms in 38 emerging economies deal with the economic impact of the coronavirus outbreak. The bank plans to provide 21 billion euro in financial support through 2021.
($ = 0.9265 euro)