EBRD pledges 600 million euros for women-led firms in Turkey

ISTANBUL, Nov 8 (Reuters) – The European Bank for Reconstruction and Development (EBRD) is making 600 million euros ($693 million) in new financing available for Turkish women entrepreneurs, it said on Monday.

The funds will be channelled through local banks and lent to women-run businesses under its Women in Business programme, it said. In the first three years following its 2014 launch, it provided 300 million euros in loans to five Turkish banks.

“The EBRD is determined to narrow the funding gap for female entrepreneurs and to help Turkey unleash the power of its women,” said EBRD President Odile Renaud-Basso.

Turkish lender Denizbank has already received a $50 million EBRD investment to be lent to businesswomen and several more local financial institutions are expected to follow suit, EBRD said.

The EBRD has invested 14 billion euros in 351 projects in Turkey, its largest portfolio among 38 economies, it says.

($1 = 0.8655 euros)

(Writing by Daren Butler Editing by Jonathan Spicer)