EBRD loans $130m to support Turkish SMEs

The European Bank for Reconstruction and Development (EBRD) will provide $130 million to Turkey’s Akbank to boost funding and digital investments for small and medium-sized enterprises (SMEs) in the country.

The package comprises a $70 million facility for women-led SMEs, $50 million for youth-led SMEs and $10 million to support digital transformation projects in the SME manufacturing sector, the London-based EBRD said in a statement.

The funding aligns with the multilateral bank’s focus on inclusive and innovation-driven SME growth, which it views as central to Turkey’s long-term economic development. Akbank is one of the EBRD’s oldest partners in the country.

Oksana Yavorskaya, deputy head of Turkey at the EBRD, said the initiative aims to mobilise finance, accelerate digitalisation and strengthen supply chains, helping SMEs expand and compete more effectively.

Şebnem Muratoğlu, executive vice president of treasury and financial institutions at Akbank, said that facilitating access to finance for young entrepreneurs will enable the bank to expand its social impact to reach its sustainability goals.

In September, EBRD said it expects the economy to expand by 3.1 percent, up from its May projection of 2.8 percent, despite volatile market conditions.

The EBRD has committed more than €23 billion through 502 projects in Turkey since 2009, largely in the private sector.

In August Omer Bolat, the trade minister, said the country’s gross domestic product is set to break through the $1.4 trillion mark this year, well up on the $1.32 trillion posted in 2024.