November 9 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) and Turkey's investment and development bank Turkiye Sinai Kalkinma Bankasi (TSKB) are jointly providing a 21 million euro ($24.9 million) loan to Turkish wet wipe producer Sapro to back its business growth, the EBRD said on Monday.
The loan will finance Sapro’s increased working capital needs driven by higher demand due to the coronavirus outbreak and a new line of biodegradable wet wipes, the EBRD said in a statement.
Both lenders will provide equal portion of the loan to Sapro.
Under a risk-sharing agreement, the EBRD and TSKB provide loans to small and medium-sized enterprises across Turkey to finance working capital, capital expenditure or refinance existing loans.
To date, the EBRD has invested 12.4 billion euro through more than 300 projects in various industries in Turkey.
($ = 0.8420 euro)