Partnership to help improve access to finance for Turkish firms at critical time
Financing to eligible companies to be split 50:50 between two lenders The EBRD continues to expand access to finance for Turkish businesses amid the coronavirus pandemic with a new agreement with Garanti BBVA. The EBRD is providing a risk-sharing facility, which – together with Garanti BBVA – will facilitate lending to local companies, primarily small and medium-sized enterprises (SMEs). Under the agreement, the EBRD will share the risk of up to 50 per cent of each individual sub-loan provided to eligible businesses, identified jointly by the two lenders. Clients can use the loans to finance working capital, capital expenditure and refinance existing loans. Funds can also be used as project finance for long-term projects, such as in the infrastructure or energy sector.
Deal confirms Turkish capital’s membership of EBRD Green Cities programme
Cities globally account for three-quarters of greenhouse gas emissions Residents of the Turkish capital Ankara will enjoy cleaner air thanks to a €57.1 million loan by the European Bank for Reconstruction and Development (EBRD) extended to the city’s public transport company EGO to replace polluting diesel buses with 254 compressed natural gas (CNG) buses and install a CNG filling station. The agreement confirmed Ankara as the 44 On joining this initiative, cities undertake a trigger project with EBRD finance, as well as crafting their own Green City Action Plan (GCAP) setting out further actions. Ankara will be the second city in Turkey joining EBRD Green Cities following Izmir and will be a showcase for others.