The European Bank for Reconstruction and Development (EBRD) on Thursday said it plans to accelerate its support for companies across its regions of operations to help them deal with the deepening impact of the coronavirus pandemic.
The EBRD, active in 38 emerging economies with its investments, is planning to announce a package of measures, the bank said in a statement.
The bank's movement is expected to create a “resilience framework” for existing clients by providing emergency short-term liquidity, working capital and trade finance. Noting that companies suffered from the effects of the pandemic, it said: "The response will put a premium on providing a rapid response to the needs of companies."
"This new package of emergency measures comes as the EBRD is already pledging strong support generally for its existing countries of operations and follows a record level of investment of 10.1 billion euros ($11.36 billion) in 2019," it added.
The EBRD's economists forecasted that the economic outlook will be affected across the bank's regions, which are integrated into global supply chains.
"The recent slump in oil prices will also have an impact on oil producing countries in the EBRD regions, and the flow of remittances from workers back to their home countries is also expected to slow," it added.
The EBRD marked its 10th year of engagement in Turkey in 2019. Since 2009, it has invested almost 12 billion euros ($13.4 billion) in various sectors of the Turkish economy, with almost all investment in the private sector. The EBRD’s 6.7 billion-euro ($7.5 billion) Turkey portfolio is the largest among the 38 economies where the bank invests. The bank provided 1 billion euros ($1.1 billion) in debt and equity financing for 35 Turkish projects last year.
Please click to read our informative text prepared pursuant to the Law on the Protection of Personal Data No. 6698 and to get information about the cookies used on our website in accordance with the relevant legislation.
6698 sayılı Kişisel Verilerin Korunması Kanunu uyarınca hazırlanmış aydınlatma metnimizi okumak ve sitemizde ilgili mevzuata uygun olarak kullanılan çerezlerle ilgili bilgi almak için lütfen tıklayınız.