The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB), also known as the Industrial Development Bank of Turkey, are jointly providing a €4mn loan to Turkey’s leading producer of superfine copper rod Mega Metal San. ve Tic. to address working capital needs in the face of the coronavirus pandemic.
Mega Metal, a pioneer in the production of copper wire in Turkey, manufactures oxygen-free electrolytic copper wire used primarily by global cable manufacturers. The company was established in 2004 and has been a client of TSKB since 2018.
The loan will be divided equally between the EBRD and TSKB. The institutions are working together to improve and simplify access to finance for small and medium sized enterprises (SMEs) across Turkey, the EBRD said, adding that under a risk-sharing agreement, the two lenders provide equal loans to eligible businesses.
The EBRD is a leading institutional investor in Turkey. To date, it has invested almost €13bn in the country through 334 projects, with 95% of these in the private sector. In 2020, the bank responded to the pandemic by stepping up its financing in Turkey to €1.7bn from €1bn put into 35 projects in 2020.
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