The European Bank for Reconstruction and Development (EBRD) has provided a new funding of $127 million to lend to women-led businesses and help Turkey transition to a green economy to the public bank of Turkey (İş Bankası), Hürriyet Daily News reported.
The EBRD said in a statement that the funds would be split between Turkey’s Women in Business (TurWiB II), which finances women-led small and medium enterprises, and Turkey’s Sustainable Energy Financing (TurSEFF III), which supports resource efficiency and small businesses, as well as investments in renewable energy and green economy.
“The EBRD remains committed to the competitiveness of women-led businesses in Turkey and will continue to expand financial opportunities for women in the economy. We are also committed to accelerating the country’s green agenda through our investments,” said the EBRD Managing Director in Turkey, Arvid Türkner.
The publication noted that the new funding under the TurWiB II program is part of the €600 million funding for Turkish women entrepreneurs announced last year by EBRD President Odile Renaud-Basso.
The EBRD is the leading institutional investor in Turkey. Since 2009, the company has invested more than 16.5 billion euros in 378 projects in the country, most of which are in the private sector.