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Turkey - Agribusiness & Forestry, Financial Services, Other, Economy & Statistics

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EBRD gives Turkey's Garanti Bank 50mn-euro credit line for small firms

Kimberley Ann Music - 09.11.2009

The European Bank for Reconstruction and Development (EBRD) is boosting financing for small businesses in Turkey through a 50-million-euro syndicated loan to Garanti Bank (www.garantibank.com) for on-lending.

The loan will be distributed to micro, small and medium-sized companies operating outside Turkey's three main cities of Ankara, Istanbul and Izmir, the European lender (www.ebrd.com) said in a statement.

Part of the loan is to support female entrepreneurs in rural areas.

This is the EBRD's second transaction in Turkish banking. In October, the lender gave DenizBank a 20-million-euro credit line to finance small and medium-sized agribusinesses.

Other investments so far this year in Turkey include a wind farm in the south and a loan to support privatization of a gas utility.

Source: Balkans.com Business News

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