The European Bank for Reconstruction and Development (EBRD) has said that it is launching a funding program of 250 million euros ($287.7 million) for young entrepreneurs in Türkiye, after implementing similar programs in 12 other countries, according to a report by Anadolu Agency (AA) on Wednesday.
"The initiative is supported by the Turkish government and the European Union and aims to provide financial assistance, know-how and non-financial business development services to people under the age of 35," according to a bank statement.
The EBRD's "Youth in Business" program will provide financing, technical cooperation and risk sharing to financial institutions partnered in Türkiye, which will then use the resources provided to issue loans to micro, small and medium-sized enterprises (SMEs) managed by young entrepreneurs, it said.
The program's Türkiye arm is also focused on allocating 70% of the total financing to be provided to businesses in the country's southeast, the area that was hit by the massive February 2023 earthquakes, to mitigate the economic impact of the disaster.
The EBRD is among Türkiye’s key investors, with more than 22 billion euros committed through 489 projects and trade finance limits since 2009, mostly in the private sector.
Recently, the bank also announced it was investing up to $100 million equivalent in Turkish lira-denominated covered bonds to be issued by Akbank, one of the top lenders in Türkiye.
The bank has also extended notable funding through several initiatives to revive businesses in the provinces impacted by the 2023 earthquakes.
