May 21 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is providing a $55 million (50 million euro) loan to Turkish lender Garanti BBVA [IST:GARAN] to help it support local small and medium-sized enterprises (SMEs) affected by the coronavirus pandemic.
The funding is an addition to a $50 million loan secured by Garanti from the International Finance Corporation, a member of the World Bank Group, the EBRD said in a statement on Wednesday.
"We are pleased that Garanti BBVA will channel EBRD funds to companies that have been impacted during this period of volatility caused by the coronavirus outbreak. Getting financial help to businesses means keeping the economy going," Arvid Tuerkner, EBRD managing director for Turkey, said in the statement.
Garanti BBVA has also raised $594 million from international commercial banks that will be linked to its sustainability practices. Under the syndication agreement, the bank is committing to no longer financing greenfield power plants, as well as sourcing 80% of the electricity it consumes from renewable sources.
($ = 0.9118 euro)