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European bank offers $100m for Turkey’s quake recovery

By Pramod Kumar
Nearly $80 million will be used for earthquake recovery and reconstruction efforts in southeast Turkey Reuters/Maxim Shemetov
The IsDB funding will support private sector investments in 17 earthquake-affected provinces

The European Bank for Reconstruction and Development (EBRD) will offer $100 million (€93.58) in financing to Türkiye İş Bankası (İşbank), the largest private bank in Turkey, to support earthquake reconstruction efforts and women-led small and medium enterprises (SMEs).

The facility will invest in rated bonds issued under İşbank’s existing diversified payment rights programme.

Nearly $80 million will be used to promote recovery and reconstruction efforts in the southeastern region of Turkey, which has been hit by a series of earthquakes that caused widespread damage.

The facility will expand financing opportunities for companies involved in recovery and reconstruction efforts through essential service, management or supply contracts with relevant organisations.

The disaster-response financing will fall under the EBRD’s $641.17 million Turkey disaster response framework that provides credit lines to businesses and individuals in the affected region.

The EBRD previously announced a $1.6 billion two-year investment plan for the region to reduce the economic impact of the disaster.

Around $20 million of the financing will be provided to support women-led SMEs in Turkey.

EBRD has invested more than $19.24 billion in the Turkish economy, mainly in the private sector.

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