The FINANCIAL -- The European Bank for Reconstruction and Development (EBRD) is providing €50 million to Finansbank to support women entrepreneurs in Turkey, according to EBRD.
The funds will be on-lent to small and medium-sized enterprises (SMEs) managed by women from across the country under the Finance and Advice for Women in Business programme, which is jointly funded by the European Union, the EBRD and the Republic of Turkey.
Finansbank, one of the largest privately owned Turkish commercial banks, is among the first lenders to join the Finance and Advice for Women in Business programme. The programme includes a comprehensive package of dedicated credit lines to participating banks to facilitate access to finance for women-led businesses and a risk-sharing mechanism and advice to help these banks better address the financial needs and growth plans of their clients. The programme also involves direct advice to SMEs managed by women to improve the competitiveness of these businesses, according to EBRD.
The EBRD has a strong track record of providing finance to Turkish banks for on-lending to SMEs. To date, the Bank has provided funds worth €1.6 billion to local lenders in Turkey, with €120 million provided for women-led businesses since 2012.
The EBRD started investing in the country in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep. To date, the EBRD has invested almost €4.5 billion in Turkey, in more than 130 infrastructure, energy, agribusiness, industry and finance projects. In just five years the EBRD’s portfolio in Turkey has become one of the largest among the countries where the Bank invests, according to EBRD.