TSKB and EBRD Sign EUR 75 Million Loan Agreement
TSKB signed a new loan agreement with EBRD amounting to EUR 75 million.
At least 15% of the funds will be allocated to support youth employment and at least another 15% will be used to support companies in the regions affected by the February 6 earthquakes. The remaining portion will be made available to companies that adopt inclusive policies and practices which support women's employment. The financing also marks TSKB's first loan for specifically aimed increasing youth employment.
TSKB (Industrial Development Bank of Türkiye) added a new one to its financing practices launched with the vision of supporting Türkiye's sustainable and inclusive development, signing a new loan agreement with EBRD (European Bank for Reconstruction and Development) amounting to EUR 75 million to support enterprises aimed at increasing youth and women employment in Türkiye. This financing provided by EBRD, which represents TSKB’s first loan that includes the theme of youth employment, is also the sixth agreement with EBRD that opens a new area of cooperation by including the theme of inclusiveness beyond the five previous climate-focused loan agreements signed with the EBRD. The funding will also take into account key evaluation elements comprising financial support for earthquake-affected areas, as well as gender equality and youth employment criteria.
The new agreement signed to enhance youth and women's employment and reduce inequalities in Türkiye, provides for the allocation of at least 15% of the funding to companies implementing policies and practices that promote youth employment, and at least another 15% to companies operating in or investing in earthquake-affected regions. The remaining portion of the funding will be made available to companies that support women’s employment by adopting inclusive policies and practices.
Commenting on the agreement, TSKB CEO Murat Bilgiç said, "As we celebrate the 75th anniversary of our Bank, we are proud to break a new ground by launching our very first loan with a theme criterion involved promoting youth employment, alongside the ongoing focus on women’s employment and the earthquake-affected regions. Through this new loan agreement signed with the EBRD, once again prioritizing the earthquake region and placing youth and women at its core, we are advancing our country's development journey in a more inclusive direction. By providing additional resources to eligible companies and prioritizing social inclusion and hence ensures no one is left behind, this cooperation strengthens our sustainable development approach, reinforcing our strong steps in our country's transformation. Via the qualified resources we will provide from international development finance institutions and global financial institutions, we will continue to take more impactful steps for the inclusive and sustainable development of our country in the second century of our Republic."
Oksana Yavorskaya, the EBRD’s Deputy Head of Türkiye, said, "TSKB continues to stand out as a key business partner that plays an active role in many of the EBRD's initiatives, making significant contributions to the EBRD's transformation objectives and strategic operations in Türkiye. We are pleased to join forces again with TSKB to provide much-needed financing to earthquake-affected businesses while supporting youth and women employment in Türkiye."
