€25 million support from the European Bank for Reconstruction and Development to Kipaş aims to boost private sector recovery in the earthquake zone

A €25 million loan is sought for Kibas to help revive the economy of the earthquake zone. The proceeds will be used to fund repairs, working capital and human capital needs. The private sector in the region is still struggling with weaknesses.

The European Bank for Reconstruction and Development (EBRD) is providing a €25 million loan to Turkish company Kipaş Mensucat ışletmeleri to support the company in the wake of the devastating earthquakes that struck the region last year.

The loan proceeds will be used to make repairs to buildings and machinery, meet additional working capital requirements resulting from the earthquake, and fund human capital programs (including disaster relief programs and shelters for company employees).

The 2023 earthquakes killed more than 55,000 people and caused widespread devastation across the region, which was already suffering from economic vulnerabilities before the disaster struck.

Economic recovery in the region remains slow, reflecting the scale of devastation and other challenges such as financing gaps and supply chain disruptions, as affected cities deplete human capital due to a lack of economic opportunities.

Kibas, a new client of the bank with roots in Kahramanmaraş, has implemented various initiatives in response to the crisis, with measures ranging from providing temporary shelters to distributing food and financial aid. The company manufactures and sells yarns and fabrics (denim and non-denim) and is the largest integrated textile manufacturer in Europe with approximately 6,000 employees.

Following last year's earthquakes, the EBRD implemented a €1.5 billion investment package for the region covering a wide range of areas (including financial partnerships, support for small and medium-sized enterprises, and assistance with infrastructure projects).

“The recovery of the private sector is essential to drive economic progress for the region and the nation as a whole,” said Odile Renaud-Basso, President of the European Bank for Reconstruction and Development. Companies like Kibaş play a crucial role in preserving human capital in the region, making their presence invaluable. This project represents the beginning of a lasting partnership and a purposeful step towards sustainable progress in the region.

In a joint statement, Kibaş CFO, Hikmet Gumusher, and CEO Halit Gumusher said: “The support provided by the EBRD to overcome the challenges faced by our city and our company in the wake of the Kahramanmaraş earthquake has gone beyond a mere source of financing. During this critical period, the presence of the EBRD has not only facilitated our economic recovery, but also enabled us to safeguard the well-being of our employees and our community. Thanks to their financial assistance and guidance, we were able to focus on post-earthquake consolidation and reconstruction, while ensuring sustainable protection of the social security rights of our employees.

The wise approach and solidarity shown by the EBRD has been a great source of inspiration for us. This collaboration has laid the foundations not only for today, but also to create a more resilient and sustainable structure for the future. On behalf of the entire Kibas family, we express our deep gratitude to the EBRD for its faith and support during this difficult period.

This project also includes donor support from Turkey, with a focus on developing an action plan to increase women's participation in business and implementing human resources policies that highlight gender equality.

The European Bank for Reconstruction and Development is one of the major investors in Turkey, having committed more than €21 billion into the country since 2009 through 461 projects and commercial financing lines, mostly in the private sector.

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