EBRD lends $287m to support Turkish entrepreneurs

The European Bank for Reconstruction and Development (EBRD) will support young entrepreneurs in Turkey with €250 million ($287 million) funding.

The rollout of the ‘Youth in Business’ programme follows its success in 12 other countries.

The initiative, supported by the Turkish government and the European Union (EU), aims to provide financial assistance, know-how and non-financial business development services to people under the age of 35, the EBRD said in a statement.

Youth unemployment remains high in Turkey, while entrepreneurs lack access to finance, experience and information, which create major obstacles.

The programme will focus on micro, small, and medium-sized enterprises that are managed or majority-owned by young individuals.

The EBRD has been supporting the Turkish regions affected by the devastating earthquakes in February 2023, with the programme aiming to channel 70 percent of its funding to enterprises in those regions.

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Since its inception in Egypt in 2021, the ‘Youth in Business’ programme has now grown to a €1 billion initiative, said Francis Malige, managing director for financial institutions, EBRD.

This month the lender announced a €75 million loan to Sınai Kalkınma Bankası (TSKB), a Turkish development bank, to support businesses that offer opportunities to women and young people.

EBRD is among Turkey’s largest investors, with more than €22 billion committed through 482 projects.