USD 109 million funding to İşbank to support the earthquake region

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İşbank has signed a loan agreement totaling USD 109 million with the European Bank for Reconstruction and Development (EBRD), with the funds intended to be directed towards the regions within Turkey that have been impacted by the earthquake disasters.

İşbank, as part of the Turkish Disaster Response Framework established by the European Bank for Reconstruction and Development (EBRD) in order to provide financial backing to both businesses and individuals directly impacted by the earthquakes that struck Turkey on February 6, 2023, as well as companies participating in the improvement and restructuring efforts in the region, has signed a loan agreement with EBRD amounting to USD 109 million.  The loan will initially be allocated to address the immediate financing requirements of businesses and individuals who have been directly impacted by the earthquake in 11 provinces in the earthquake zone.

“We will continue to contribute to meeting the financing needs of the region"

In a statement, İşbank Deputy CEO Gamze Yalçın said, “The earthquake disasters that occurred earlier this year left us all deeply saddened, causing substantial material and emotional devastation across the extensive area they impacted. In this process, we have mobilized all our resources from the very first moment and started working towards supporting and restructuring the earthquake zone, both in terms of financing and other aspects. We have devised a comprehensive support package amounting to a total of TL 10 billion. During such times, witnessing the support extended by international financial institutions in endeavors of this nature is quite important and valuable. The agreement signed between our Bank and the EBRD bears significant importance, as it not only underscores the EBRD's commitment to aiding the redevelopment of the earthquake-stricken region but also fortifies its robust and enduring collaboration with İşbank. Through this new financing, we will continue to contribute to meeting the financing needs of the disaster area and to support the region."

“These funds are vital to the reconstruction of the region"

Commenting on the matter, Arthur Poghosyan, Deputy Head of Turkey at EBRD, remarked, “'Our rapid progress in transactions under the Türkiye Disaster Response Framework is vital to the recovery and reconstruction of the region. We are confident that as our long-standing partner, İşbank will disburse these funds efficiently and successfully to those in need of financial relief while they are recovering their economic well-being''."

Support of up to EUR 3 million for each business

The loan, which will be extended by İşbank as per the agreement with EBRD, will be allocated to address the financing needs of enterprises of various scales within the 11 provinces in the earthquake-affected region, up to a ceiling of EUR 3 million or its equivalent, while also catering to the financial requirements of individuals within the earthquake-stricken area.