BAKU, Azerbaijan, December 3. The European Bank for Reconstruction and Development (EBRD) has granted financing of $130 million (€112.4 million) to Türkiye's Akbank to expand support for small and medium-sized enterprises (SMEs) in the country, including promoting inclusive growth and digital investments, Trend reports, citing the EBRD.
The financing package encompasses three distinct EBRD programs: a $70 million (€60.5 million) loan under the Türkiye Women in Business II program aimed at women-led SMEs; a $50 million (€43.2 million) loan under the Youth in Business program to support youth-led SMEs in Türkiye; and a $10 million (€8.6 million) loan to facilitate investments in the digital transformation of Turkish manufacturing SMEs through the Türkiye Digital Transformation Financing Facility.
This arrangement is supported by first-loss coverage provided by the European Union through the EFSD+ Growth4All guarantee, in addition to backing from the Ministry of Treasury and Finance of Türkiye via the Small and Medium Enterprises Development Organization (KOSGEB) and the Credit Guarantee Fund (KGF).
The EBRD emphasized that fostering employment among youth and women in Türkiye offers substantial potential to enhance economic growth, reduce inequality, and advance social inclusion and sustainable development. The financing initiative is fully aligned with the EBRD’s strategic objectives of promoting inclusive and innovative SME banking, recognized as a critical driver of sustainable economic growth in Türkiye.