The European Bank for Reconstruction and Development shares with the Turkish Bank the financing package, including earthquake support

The European Bank for Reconstruction and Development provides $143.25 million in Turkish DenizBank Financing to support lending to green investments and women-led SMEs in the amount of $27.5 million directed to companies involved in disaster response

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

The financing package is provided by an investment under DenizBank’s existing diversified payment rights programme, which is a well-established market vehicle used by Turkish banks to raise long-term financing.

The financing will be under the Bank’s three main frameworks: the Turkish Green Economy Finance Facility, the Women in Business Program and the Disaster Response Framework, which was set up in the aftermath of the devastating earthquakes that struck the country on February 6, causing more than 50,000 deaths and widespread damage in the country. affected cities.

US$88.25 million of the proceeds will be used to re-lend to companies investing in the green economy. The remaining funds will be divided between two main purposes: $27.5 million will be directed to small and medium-sized businesses led by women in the country, and another $27.5 million will be directed to companies participating in relief. and reconstruction work in the disaster area.

This will be the first EBRD financing package to include a disaster response framework component since the country was shaken by the earthquakes. The bank announced an earthquake response package of up to 1.5 billion euros, including a large stake of 600 million euros for partnerships with financial institutions.

Arthur Boghossian, Vice President of Turkey, Financial Institutions at the EBRD, welcomed the deal, saying: “Deniz Bank is a long-standing partner of the EBRD, and we are delighted to be working with them on this very important project, which includes the financing of the first Disaster Response Framework.” I am confident that joining forces will help provide relief to the countless individuals and businesses that have been struggling to get back to normal since the devastating earthquake of February 6th.”

We will continue to work with our financial partners to support human capital, jobs and livelihoods in the affected areas in an effort to ensure the reintegration of these cities into Turkey’s economy. In times of crisis and uncertainty, we are proud to be a strong partner for financial institutions and the Turkish economy as a whole.”

Deniz Bank, wholly owned by Emirates NBD and a former client of the European Bank for Reconstruction and Development, is Turkey’s fifth largest private bank by consolidated assets, active in all 81 provinces of the country.

DenizBank CEO Hakan Ates highlighted the benefits of securing long-term and cost-effective financing from abroad, adding: “A large part of this financing will be used to finance green projects in the fields of renewable energy, energy efficiency, and women entrepreneurs with limited needs. In addition, we will continue to increase our efforts to help recover people and businesses affected by earthquakes, using funding to help restore the region after the largest natural disaster in Turkey’s history.”

The Turkish Green Economy Finance Fund consists of €500 million in funds from the European Bank for Reconstruction and Development, concessional financing from the Clean Technology Fund (CTF) and grants from the Turkish Cooperation Fund and the European Bank for Reconstruction and Development. DenizBank will receive a technical assistance package to support Corporate Climate Governance (CCG) and lending practices. Technical assistance in relation to the CCG will focus on practices and recommendations developed by the Climate Financial Disclosures Task Force.

In addition, the project will allow women-led businesses to benefit from risk sharing through the Turkish Credit Guarantee Fund and the Turkish Ministry of Treasury and Finance. This facility is part of the €600 million EBRD TurWiB II programme, which provides financing and technical support to women-led businesses in Turkey. The European Union co-financed an earlier phase of this programme.

To date, the EBRD has invested more than 17.5 billion euros in various sectors of the Turkish economy, largely in the private sector.

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