October 21, 2020 11:05 pm
The European Bank for Reconstruction and Development (EBRD) has given the Alternatif Bank a loan of 21.10 million euros to be passed on to small and medium-sized enterprises (SMEs) that have been hard hit by the corona crisis.
Arvid Türkner, General Manager of the Bank for Turkey, said that the EBRD had already made one billion euros in loans to local Turkish companies this year.
Help to the private sector
International Finance Corporation will also provide a similar loan to Turkish SMEs, the EBRD said in a statement. “With this we can make a significant contribution to the development of the Turkish private sector,” said Kaan Gür, CEO of Alternatif Bank.
The EBRD is a major investor in Turkey. Since 2009, more than 300 projects in various sectors with a total value of around 12.5 billion euros have been financed. Alternatif Bank, founded in 1991, is wholly owned by the Commercial Bank of Qatar.
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