EBRD launches support for earthquake-hit SMEs

LONDON

The European Bank for Reconstruction and Development (EBRD) has announced the launching of its Reconstruction Assistance and Grant program to help small and medium-sized enterprises (SMEs) operating in the earthquake-impacted region in Türkiye.

The program aims to help businesses reconstruct damaged buildings, production assets and infrastructure.

The EBRD will provide each business with a grant that covers 85 percent of the reconstruction and repair costs, for a maximum of 60,000 euros.

As part of the grant support package, SMEs will also have access to advisory services channeled through the EBRD’s Advice for Small Businesses program.

This will allow the SMEs to better assess their damage and reconstruction needs, while helping them identify opportunities for growth and improved efficiency, the bank said in a statement.

The program is receiving financial support from Japan’s Finance Ministry and will be implemented in the cities of Adıyaman, Hatay, Kahramanmaraş, Kilis, Osmaniye, Gaziantep, Malatya, Şanlıurfa, Diyarbakır, Elazığ and Adana.

The Reconstruction Assistance and Grant program follows the bank’s 1.5 billion euro investment plan for the region over the next two years, which was set up to lessen the economic impact of the disaster, and includes the 600 million euros Disaster Response Framework. This is the first such framework deployed in the EBRD regions and supports affected companies and individuals, as well as providing new lending for companies participating in recovery and reconstruction efforts in the area.

The EBRD has invested more than 18 billion euros in Türkiye since 2009, mainly in the private sector.