The European Bank for Reconstruction and Development (EBRD) is providing USD 127 million in new funding to Isbank for on-lending to women-led businesses and to facilitate Turkey’s transition to a green economy.
The financing is being made available through the Bank’s Diversified Payment Rights (DPR) programme, an established market instrument used by Turkish banks to raise long-term funding.
The funds will be split between the Turkey Women in Business (TurWiB II) programme, which finances women-led SMEs, and the Turkey Sustainable Energy Finance Facility (TurSEFF III) programme, which supports resource efficiency and small-scale renewable energy investments. With this new investment the EUR 350 million financing made available under TurSEFF III programme is now fully subscribed.
Arvid Tuerkner, EBRD Managing Director for Turkey, emphasized the significance of the funding for a green and inclusive future: “The EBRD remains committed to securing the competitiveness of women-led businesses in Turkey and will continue to expand financial opportunities for women in the economy,” he said. “We are also dedicated to accelerating the country’s green agenda through our investments. We are happy to be working with a credible partner like Isbank in moving towards both of those ambitions.”
In addition, women-led businesses will benefit from risk sharing through the Turkish Credit Guarantee Fund and the Turkish Ministry of Treasury and Finance. They will also have access to advisory, mentoring and networking opportunities, facilitating their access to know-how, non-financial development services and markets.
The new funding under the TurWiB II programme is part of the EUR 600 million in financing dedicated to Turkish women entrepreneurs announced last year by EBRD President Odile Renaud-Basso.
The EBRD is a leading institutional investor in Turkey, with a strong commitment to the country’s green agenda. It has invested more than EUR 16.5 billion in 378 projects in the country since 2009, with the overwhelming majority of those projects in the private sector.