European bank loans 60M euros to Turkish retailer

Published 25.12.2018 23:49
Updated 26.12.2018 08:00

The European Bank for Reconstruction and Development (EBRD) has issued a 60-million euro loan to the Turkish retailer Migros.

"The loan will be available in Turkish lira and in euros and will finance an upgrade and expansion program," the bank said in a statement yesterday.

Migros will use the loan to upgrade its existing stores and the digital infrastructure; modernize its logistics and use "the best" energy efficient technologies, in line with EU standards, at its new stores.

The bank has invested in two Turkish-lira-denominated bonds issued by Migros earlier in 2018.

The supermarket chain operates in 81 Turkish provinces, through a network of 2,048 stores. It is also active in Kazakhstan and Macedonia through 42 Ramstore outlets.

Since 2009, the EBRD has invested nearly 11 billion euros in Turkey – a top destination for the bank's finance – through more than 250 projects.

In 2017 alone, the EBRD invested 1.6 billion euros in 51 projects in the country – nearly a third of this financing was provided in Turkish lira.

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