The European Bank for Reconstruction and Development (EBRD) on Friday said it expanded access to finance for Turkish businesses with a new $75 million loan to Akbank, a major local lender in Turkey.

The funds will boost bank lending to Turkish businesses amid volatility created by pandemic, said EBRD in a statement.

The new loan is part of the EBRD’s support to Turkey and other countries where it invests to combat the economic impact of the virus and support recovery. 

The EBRD is a major investor in Turkey.

Since 2009, it has invested €12.4 billion through 311 projects in various sectors of the country’s economy, with almost all investment in the private sector.

The EBRD’s €7 billion portfolio in Turkey is the largest among the 38 economies where the bank invests.

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