BSTDB Provides a loan to TKYB to Support Türkiye’s Earthquake Recovery Efforts
Press Release | 14-Sep-2023
Funds to relief businesses affected by the recent earthquakes
In a concerted effort to bolster post-earthquake reconstruction, the Black Sea Trade and Development Bank (BSTDB) is providing a Disaster Response Credit Line to the Development and Investment Bank of Türkiye (TKYB). This collaborative initiative marks a pivotal step towards assisting the recovery of the South-Eastern provinces in Türkiye, which were adversely affected by recent earthquakes.
The seven-year loan facility aims to extend essential relief to eligible small and medium-sized enterprises (SMEs) navigating the aftermath of the earthquakes. By injecting financial support into the affected region, this loan will help reignite economic vitality and stimulate job creation, fostering a renewed sense of resilience and prosperity.
Commenting on the agreement signing, Dr. Serhat Köksal, President of BSTDB, remarked, "This loan constitutes a much needed contribution to the affected population’s journey towards recovery. It guarantees unhampered financial access for businesses and entrepreneurs and offers a beacon of optimism for the days ahead. We recognize the indispensable role small businesses play and we are extremely delighted to join hands with TKYB, a successful and reliable partner since 2018, in fortifying them as they emerge from adversity.”
Mr. İbrahim H. Öztop, CEO of Development and Investment Bank of Türkiye (TKYB) said “I am pleased to see that the cooperation between our bank and Black Sea Trade and Development Bank (BSTDB), which started back in 2018, is getting stronger day by day. With this facility, I am glad that we will be able to contribute to the recovery of the businesses in earthquake affected region in Türkiye.”
The Development and Investment Bank of Türkiye (TKYB) is a development and investment bank established in 1975. TKYB’s aim is to support growth and employment, reduce regional development disparities and promote domestic renewable energy production. It provides direct lending and apex lending channeled through commercial banks and leasing companies, largely in foreign currency, to SMEs and corporates. At end-2022, the Borrower had EUR 4.6 billion in total assets, EUR 343 million in shareholder’s equity and reported EUR 98 million net profit.
The Black Sea Trade and Development Bank (BSTDB), an international financial institution with headquarters in Thessaloniki, Greece, supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “Baa1” by Moody’s. For information on BSTDB, visit www.bstdb.org.
Contact:
: @BSTDB
