Skip to content Skip to Search
Skip navigation

EBRD extends $109m loan for Turkey’s quake-hit region

Architecture, Building, Cityscape EBRD
European development bank has invested more than €18 billion in various sectors of the Turkish economy, largely in the private sector

The European Bank for Reconstruction and Development (EBRD) will provide $109 million to Turkey’s largest private bank to lend to businesses and individuals affected by earthquakes that devastated the country’s south-eastern region in February.

The loan is part of the bank’s Turkey disaster response framework, launched in the aftermath of the earthquakes, which caused over 50,000 fatalities and more than $100 billion in damage to the country’s economy.

The proceeds of the loan to Turkiye İş Bankası (İşbank) will be used to fix some of the damage to the region’s economy and will address the most immediate funding needs of the local population in those cities, bringing financial relief to the region’s private sector.

The EBRD previously announced a €1.5 billion ($1.65 billion) two-year investment plan for the region to lessen the economic impact of the disaster.

Arthur Poghosyan, EBRD deputy head of Turkey, financial institutions, said: “Our rapid progress in transactions under the Turkey disaster response framework is vital to the recovery and reconstruction of the region. We are confident that as our long-standing partner, İşbank will disburse these funds efficiently to those in need of financial relief while they are recovering their economic well-being.”

The €600 million disaster response framework, the first to be deployed in the EBRD regions, strives to provide support for companies and individuals affected by the disaster, as well as new lending for companies participating in recovery and reconstruction efforts in the area, strengthening the private sector’s role in disaster response.

EBRD has allocated close to $350 million under this framework to date.

Overall, the European development bank has invested more than €18 billion in various sectors of the Turkish economy, largely in the private sector.

Latest articles

GACA president Abdulaziz Al-Duailej said licences would be announced soon for more low-cost flights from regional Saudi airports

Saudi Arabia plans more low-cost airline routes

Saudi Arabia has announced plans to privatise domestic airports as part of its aviation expansion strategy that includes imminent licences for more low-cost airline routes, the civil aviation authority said this week.  The General Authority of Civil Aviation (Gaca) has signed an agreement with a consortium led by Turkish airport operator TAV to expand Medina […]

Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year

Qatari Islamic bank buys Kazakhstan’s Bereke Bank

Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million). The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals. Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of […]

Abu Dhabi crown prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the signing ceremony for the joint venture between Edge and Fincantieri

UAE-Italian venture wins $434m deal for naval vessels

A joint venture between UAE’s state-owned defence company Edge Group and Italy’s Fincantieri will build a shipbuilding facility for advanced naval vessels in Abu Dhabi. The new venture, Maestral, has secured a large order from the UAE Coast Guard Forces for 10 advanced 51-metre offshore patrol vessels (OPVs) worth €400 million ($434 million). Edge owns 51 […]

Dubai's total passenger traffic for Q1 2024 reached 23,052,060, an annual rise of 8.4 percent

Passenger traffic at UAE airports increases 15%

Passenger traffic at UAE airports rose 15 percent year on year to 36.5 million in the first three months of 2024, according to data released by the General Civil Aviation Authority (GCAA)  Arrivals reached 10.7 million, while departures stood at 10.9 million. The number of transit passengers was 14.9 million, the state-run Wam news agency […]