The European Bank for Reconstruction and Development (EBRD) is giving a €75 million loan to Turkish development bank TSKB to help women, young people, and businesses in earthquake-hit areas get better access to financing. At least 15% of the money will go to companies that actively hire young workers, while another 15% will support businesses in regions affected by Turkey’s devastating 2023 earthquakes.
The remaining funds will go to companies that promote women’s employment and leadership roles. Turkey has a problem with getting women and young people into the workforce—it consistently ranks below other developed countries in this area, and the situation is even worse in earthquake-damaged regions where infrastructure was destroyed and people were displaced.
The loan marks the 75th anniversary of TSKB and builds on a partnership with EBRD that started in 2011. Over the years, EBRD has done six direct lending deals with TSKB, mostly focused on supporting green financing in the country.
Oksana Yavorskaya, EBRD’s deputy head for Turkey, said TSKB has been a key partner in most of the bank’s initiatives and strategic operations. TSKB CEO Murat Bilgiç called the deal groundbreaking for being the bank’s first loan with youth employment criteria, alongside its continued focus on women’s work and earthquake-affected areas.
Since 2009, EBRD has committed nearly €22 billion to Turkey through 484 projects and trade finance, mostly in the private sector, making it one of the country’s biggest investors.
