The European Bank for Reconstruction and Development (EBRD) has joined forces with Turkiye Sinai Kalkinma Bankasi (TSKB, or the Industrial Development Bank of Turkey) in providing a €1mn working capital loan to Turkey’s Asset Medikal Tasarim. The company has experienced burgeoning demand triggered by the coronavirus (COVID-19) outbreak.
The loan facility will help Asset Medikal, one of Turkey’s fastest-growing medical equipment producers, expand production, the EBRD said.
Asset Medikal produces needle-free valves, which prevent healthcare workers from suffering accidental needlestick injuries.
The company’s products are sold in 30 countries across five continents. COVID-19 has significantly increased the need for transfusions in hospitals, triggering a jump in demand for Asset Medikal’s products.
To date, the EBRD has invested €12.4bn through more than 300 projects in various sectors of the Turkish economy, with almost all of the investment in the private sector. The EBRD’s €7bn Turkey portfolio is the largest among the 38 economies where the development bank invests.
Related Articles
UAE's RAKEZ partners with ADIB to ease banking for SMEs and startups
Ras Al Khaimah Economic Zone (RAKEZ) has signed a memorandum of understanding with Abu Dhabi Islamic Bank (ADIB) to simplify bank account opening procedures for its clients, WAM reported. ... more
European Union increases humanitarian aid to Syria to €202mn
The European Union announced on May 27 an increase in humanitarian aid to Syria to more than €202mn for this year, SANA reported. The additional funding will ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
12 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago