MEGA METAL GETS EUR 4M LOAN FORM EBRD AND TSKB

The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB) will jointly provide a EUR 4m loan to the copper wire producer Mega Metal Sanayi ve Ticaret AS to address working capital needs in the face of the pandemic. The loan will be divided equally between EBRD and TSKB. The institutions work together to improve and facilitate access to finance for SMEs across Turkey. The two Lenders provide equal loans to eligible businesses under the risk-sharing agreement. EBRD has invested nearly EUR 13bn in the country through 334 projects. 95% of these investments were made in the private sector. EBRD raised its financing in Turkey from EUR 1bn to EUR 1.7bn in 35 projects in 2020. Established in 2004, Mega Metal has been TSKB’s client since 2018.