Skip to content Skip to Search
Skip navigation

European bank offers $100m for Turkey’s quake recovery

By Pramod Kumar
Nearly $80 million will be used for earthquake recovery and reconstruction efforts in southeast Turkey Reuters/Maxim Shemetov
The IsDB funding will support private sector investments in 17 earthquake-affected provinces

The European Bank for Reconstruction and Development (EBRD) will offer $100 million (€93.58) in financing to Türkiye İş Bankası (İşbank), the largest private bank in Turkey, to support earthquake reconstruction efforts and women-led small and medium enterprises (SMEs).

The facility will invest in rated bonds issued under İşbank’s existing diversified payment rights programme.

Nearly $80 million will be used to promote recovery and reconstruction efforts in the southeastern region of Turkey, which has been hit by a series of earthquakes that caused widespread damage.

The facility will expand financing opportunities for companies involved in recovery and reconstruction efforts through essential service, management or supply contracts with relevant organisations.

The disaster-response financing will fall under the EBRD’s $641.17 million Turkey disaster response framework that provides credit lines to businesses and individuals in the affected region.

The EBRD previously announced a $1.6 billion two-year investment plan for the region to reduce the economic impact of the disaster.

Around $20 million of the financing will be provided to support women-led SMEs in Turkey.

EBRD has invested more than $19.24 billion in the Turkish economy, mainly in the private sector.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]