EBRD allocates $50M funding to Turkey's Yapi Kredi

The European Bank for Reconstruction and Development (EBRD) is providing a $50 million loan to Yapi Kredi for on-lending to women-led small and medium-sized enterprises (SMEs) in Turkey under the EBRD's flagship Women in Business program.

Report informs, citing EBRD, that the financing aims to strengthen the role of women-led SMEs in the Turkish economy and promote inclusive sustainable growth.

"The new investment is part of the 600 million euros in financing dedicated to Turkish women entrepreneurs and announced by EBRD President Odile Renaud-Basso earlier in 2021. Since 2014 the Women in Business program has helped more than 20,000 women entrepreneurs in Turkey to reach their full potential by providing them with credit lines as well as advisory support, training, mentoring, and access to business networks," the statement reads.

The EBRD is a major investor in Turkey. To date, the Bank has invested more than 14.7 billion euros through 361 projects in various sectors of the country's economy, with 94% of those investments in the private sector.