ISTANBUL (Turkey), December 19 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Friday it is extending $125 million (101.8 million euro) in new financing to Turkiye Vakiflar Bankasi (VakifBank), to support small and medium-sized enterprises (SMEs) in the regions of Turkey where finance for SMEs remains scarce.
"The financing is extended through an investment in A-rated loan notes under VakifBank’s Diversified Payment Rights (DPR) programme, an established market instrument used by Turkish banks to raise longer-term funding in the capital markets," the EBRD said in a statement.
A total of $30 million of the EBRD investment will be on-lent to women-led businesses and the rest of the funds will support agricultural SMEs.
VakifBank is the seventh-largest bank in Turkey.
($=0.8146 euro)