Business

Turkiye: DenizBank obtains financing from EBRD

The European Bank for Reconstruction and Development (EBRD) is providing new funds of $143.25 million to Türkiye’s DenizBank in a financing package that prioritises green investments, women-led businesses and earthquake response.

The financing package is being made available through an investment under DenizBank’s existing Diversified Payment Rights programme, an established market instrument used by Turkish banks to raise long-term funding.

The funding will be under three of the Bank’s key frameworks: the Türkiye Green Economy Financing Facility, the Women in Business programme, and the Disaster Response Framework, which was set up in the aftermath of the devastating earthquakes that hit the country on 6 February, causing more than 50,000 fatalities and widespread damage in the affected cities, the EBRD said in a statement.

Some $88.25 million of the proceeds will be used for on-lending to companies investing in the green economy. The remaining funds will be split between two key purposes: $27.5 million will be directed towards women-led small and medium sized enterprises (SMEs) in the country,and another $27.5 million will be channelled to companies that are involved in relief and reconstruction work in the disaster zone.

This will be the EBRD’s first financing package to include a Disaster Response Framework component since the earthquakes shook the country, according to the statement.

The EBRD has announced an earthquake response package of up to €1.5 billion, including a sizeable €600 million share for partnerships with financial institutions.

Source
hurriyetdailynews

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