European bank provides $50 mln in trade finance to Turkish lender

ANKARA

The European Bank for Reconstruction and Development (EBRD) provided $50 million in trade finance to the Türk Ekonomi Bankası (TEB).

The facility, aiming to boost support for exporters and importers, will be channeled under the EBRD's Trade Facilitation Programme (TFP), according to a statement by the bank.

TEB is the seventh-largest private bank in Turkey and has a strategic partnership with France's BNP Paribas.

Through TFP, the EBRD provides guarantees to international confirming lenders and short-term loans to chosen banks and factoring companies for on-lending to local exporters, importers, and distributors.

In 2020, the bank delivered a record €3.3 billion (nearly $3.9 billion) in trade finance to help the economies where it invests overcome the fallout of the coronavirus pandemic.

It is also a major institutional investor in Turkey and has invested €13.9 billion in the country to date through 349 projects, with 95% of those investments in the private sector.