The European Bank for Reconstruction and Development (EBRD) on Tuesday announced it is supporting Turkish businesses during the coronavirus crisis with a new €40 million ($47 million) loan to Aklease, a leasing subsidiary of the top-tier Turkish lender, Akbank.

“The new funds will enable Aklease to increase the availability of funding to Turkish businesses for their crucial capital investments to mitigate the medium- to long-term negative impacts of the Covid-19 pandemic,” according to the report.

The financing came under the EBRD Solidarity Package to help companies in 38 emerging markets to deal with the economic effects of the pandemic.

The bank stated its readiness in providing support worth €21 billion in the 2020-21 period.

The package includes short-term liquidity, working capital and restructuring of exposure for existing clients, as well as trade finance and an emergency support program for key infrastructure providers.

The EBRD investments in Turkey so far this year have exceeded €1 billion.

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