EBRD provides $100m loan to Turkey’s Denizbank
The European Bank for Reconstruction and Development is providing $100 million in new funds to Turkey's Denizbank to finance companies’ investments in green technologies and support women-led businesses.
The financing is made available through an investment under its existing Diversified Payment Rights programme, an instrument used by Turkish banks to raise long-term funding.
Denizbank is planning to issue a total of $435 million, marking its return to DPR securitisation under the Emirates NBD Bank’s ownership. The issuance has attracted a host of investors, including the International Finance Corporation, Credit Suisse and the parent Emirates NBD Bank.
The EBRD funds for Denizbank will be equally split between the Women in Business programme to finance women-led SMEs and the Turkey Sustainable Energy Finance Facility programme in support of resource efficiency and small-scale renewable energy investments. The European Union is supporting both initiatives with grant funding. In addition, women-led businesses will benefit from risk-sharing through the Turkish Credit Guarantee Fund and Turkey’s Ministry of Treasury and Finance.
