Sabanci Holding’s banking subsidiary, Akbank, provided a USD 50m syndication loan from the European Bank for Reconstruction and Development (EBRD), according to a statement from the EBRD.
The financing will be used to improve the ability of the Turkish banking sector to finance women-led businesses.
The loan, which is also a continuation of the TurWiB initiative conducted jointly by the EBRD and Akbank, aims to build on the success of the credit line provided to the bank in 2021 as part of the EBRD’s Women in Business program.
The previous credit line, meanwhile, delivered USD 50m to women-led SMEs and encouraged the bank to take further initiative in this segment.
The Women in Business program will totally provide EUR 600m for Turkish banks to on-lend to women-led SMEs to strengthen their role in the Turkish economy and promote inclusive sustainable growth. It is supported by the European Union (EU), Credit Guarantee Fund (KGF), and Treasury and Finance Ministry.
The EBRD has invested more than EUR 16.5bn in Turkey through 378 projects, the majority of which have been in the private sector.