The EBRD loan to Akbank provides earthquake support

Loan of up to US$90 million from the EBRD to Akbank under the Disaster Response Framework Akbank to target individuals and businesses affected by earthquakes The Disaster Response Framework is part of a €1.5 billion earthquake package

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to US$90 million to Turkey’s Akbank as part of Turkey’s Disaster Response Framework (DRF), which was launched in the aftermath of devastating earthquakes that hit the country’s south-eastern cities.

Akbank will lend money to companies and individuals directly affected by the February 6 earthquake that killed more than 50,000 people and caused widespread damage, help residents of cities affected by the disaster rebuild their lives and businesses, and expand their financial opportunities.

The loan to Akbank comes within the framework of the DRF Economic Development Fund, which was launched in the aftermath of the earthquakes, as an intermediate financing framework of up to 600 million euros for Turkish banks. The Economic Development Fund (DRF) is part of the Bank’s overall €1.5 billion earthquake response package.

Francis Mallig, Managing Director, Head of Financial Institutions of the EBRD, said: “Through this project, we are continuing our efforts to rebuild economies in earthquake-affected areas. We are proud to provide funds to individuals and businesses in the region through Akbank, a longstanding and excellent partner to help rebuild build their business and their lives.”

Levent Cilipioglu, Executive Vice President of Corporate and Investment Banking at Akbank, said: “Thanks to our cooperation with the European Bank for Reconstruction and Development, we will provide more support to our customers in the earthquake zone and continue to help them recover from the effects of the devastating earthquake.”

Akbank is the leading private bank in Türkiye, with a wide network of branches. The bank’s majority shareholder is powerful local name Sabancı Group while 51% of its shares are publicly traded.

To date, the EBRD has invested over €18 billion in various sectors of the Turkish economy, largely in the private sector.

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