EBRD loan to Akbank offers earthquake support
Summary
Up to US$ 90 million EBRD loan to Akbank under Disaster Response Framework Akbank to target individuals and companies affected by the earthquakesThe European Bank for Reconstruction and Development (EBRD) is providing a loan of up to US$ 90 million to T\xfcrkiyes Akbank as part of its T\xfcrkiye Disaster Response Framework (DRF), launched in the aftermath of the devastating earthquakes that hit the countrys south-eastern cities.Akbank will on-lend the funds to businesses and individuals directly affected by the 6 February earthquakes that killed more than 50,000 people and caused widespread damage, helping those in the disaster-hit cities to reconstruct their lives and businesses, and expand their financial opportunities.The loan to Akbank comes under the DRF, which was launched following the earthquakes, as an intermediated finance framework of up to 600 million for Turkish banks. DRF is part of the Banks 1.5 billion overall earthquake response package.Francis Malige, Managing Director, Head of Financial Institutions for the EBRD, said: "With this project, we continue our efforts to rebuild the economies in regions affected by the earthquakes. We are proud to provide funds to the regions people and companies through our long-standing and excellent partner Akbank to help rebuild their businesses and lives.Levent \xc7elebiolu, Executive Vice President of Corporate and Investment Banking at Akbank, said: "Thanks to our cooperation with the EBRD we will provide further support to our customers in the earthquake region and continue to help them recover from the effects of the devastating earthquake.Akbank is the leading private bank in T\xfcrkiye, with a widespread network of branches. Majority shareholder of the Bank is a strong local name Sabanc Group while 51% of its shares are publicly trading.To date, the EBRD has invested more than 18 billion in various sectors of the Turkish economy, largely in the private sector.