Women entrepreneurs to benefit from $ 50 million in funding
The European Bank for Reconstruction and Development (EBRD) provides a $ 50 million loan to local lender Yapı Kredi to on-lend to women-led small and medium-sized enterprises (SMEs) in Turkey as part of the flagship program of the EBRD titled Women in Business, the development bank announced.
The funding aims to strengthen the role of women-led SMEs in the Turkish economy and promote sustainable and inclusive growth.
Funding is made available through Yapı Kredi’s existing Diversified Payment Rights program, the secured funding structure the bank uses to raise long-term funds, the EBRD said in a statement.
Yapı Kredi issued around $ 560 million, attracting a range of investors active in the Turkish market, including the EBRD.
The Women in Business program is supported by a risk-sharing mechanism through the Turkish Credit Guarantee Fund (KGF) and the Ministry of Treasury and Finance.
The European Union is also providing grants to fund technical advice that will help Yapi Kredı develop more products and services dedicated to women-led businesses.
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This new investment is part of the 600 million euros in funding dedicated to Turkish women entrepreneurs and announced by EBRD President Odile Renaud-Basso earlier in 2021.
Since 2014, the Women in Business program has helped over 20,000 women entrepreneurs in Turkey reach their full potential by providing them with lines of credit as well as advisory support, training, mentoring and access to business networks. .
The EBRD is a major investor in Turkey. To date, the bank has invested more than 14.7 billion euros through 361 projects in various sectors of the country’s economy, with 94 percent of these investments in the private sector.