EBRD provides $175m financing package to Turkey’s DenizBank

Turkey's DenizBank will scale up its trade finance activities and lending to smaller municipalities and agricultural firms amid the coronavirus pandemic thanks to a $175 million financial package from the European Bank for Reconstruction and Development.

Of the new funds, $100 million will be dedicated to support DenizBank’s financial instruments and products that facilitate international trade and finance. The remaining $75 million will help the lender increase the availability of short-term financing for municipal clients and agribusinesses that have come under stress in the ongoing crisis.  

DenizBank has recently launched an SME loan initiative - ‘Nefes’ - in collaboration with the Union of Chambers and Commodity Exchanges of Turkey to support small businesses and farmers during the coronavirus crisis.