The FINANCIAL — The EBRD is increasing the availability of finance to private businesses in Turkey with a €20 million credit line to Isbank for on-lending to micro, small and medium enterprises (MSMEs).
Isbank is the largest privately-owned bank in Turkey, with a vast regional network of branches. It provides a wide range of services to corporate and retail customers, with a special focus on small businesses.
"The EBRD funds will be used to finance the investments and working capital of micro, small and medium-sized companies outside Istanbul, Ankara, and Izmir, with medium and long-term loans," EBRD says.
“MSMEs represent a key part of the Turkish economy and we are pleased to partner with Isbank in order to boost the availability of funds needed for further development and growth of small private businesses in Turkey”, said Mike Davey, EBRD Director for Turkey.
“We believe that this financing will further enhance Isbank’s contribution to MSME financing. We hope that this first step will be followed by further cooperation between EBRD and Isbank including other areas” said A. Aykut Demiray, Deputy Chief Executive of Isbank.
Since the beginning of its operations in Turkey, the EBRD has committed €340 million in various sectors of the country’s economy.