Microcapital Brief: Ebrd, Ifc Lend Alternatif Bank $50M To Sustain Smes In Turkey During Covid-Xix Pandemic

The U.K.-based European Bank for Reconstruction as well as Development (EBRD) together with the World Bank Group’s International Finance Corporation (IFC) each are lending USD 25 one thousand thousand to Alternatif Bank, a Turkish holding of Qatar-based Commercial Bank.

Alternatif Bank CEO Kaan Gür said, “With this transaction, we are proud to live a purpose of IFC together with EBRD’s COVID-19 Solidarity Package. We will channel…this package to the SMEs [small-scale inward addition to medium-sized enterprises] impacted past the pandemic inwards add-on to brand a greater contribution to individual sector trade.”

Alternatif Bank was founded inwards 1991 together with since has established 48 branches inwards Turkey. The banking concern reported full assets of TRY 30 billion (USD 3.viii billion) at the shut of 2019 fiscal yr. During the same twelvemonth, Commercial Bank reported internet plough a turn a profit of QAR 2.02 billion (USD 555 1000000) on total assets of QAR 147 billion (USD twoscore.v billion).

Founded inwards 1991, EBRD seeks to dorsum upward a “transition to open up upwardly, market identify economies, whilst fostering sustainable besides inclusive increment” inwards 38 countries inward Central Asia,  Eastern Europe in addition to North Africa. It does this past providing concern system advice, supporting merchandise finance, as well as investing debt in addition to equity inward funders of SMEs too microenterprises. EBRD planned disbursements of more or less EUR viii billion (USD 8.vi billion) during 2020 to grow its portfolio to EUR 48.v billion (USD 52.iv billion). EBRD’s shareholders incorporate 69 countries plus the European Union as well as the European Investment Bank.

IFC offers loans, equity investments, advisory services also technical assistance to private companies with the intent of alleviating poverty together with promoting open up up likewise competitive markets inwards developing countries. As of June 2020, it reported total assets of USD 96 billion.

The World Bank Group is a multilateral organisation whose 2 overarching goals are to promote shared prosperity together with finish extreme poverty past 2030. With 189 member nations as of 2020, the grouping encompasses: (1) the International Development Association as well as the International Bank for Reconstruction as well as Development, which make upwardly the World Bank; (2) IFC; (iii) the Multilateral Investment Guarantee Agency; together with (four) the International Centre for Settlement of Investment Disputes. During the yr ending June 2019, the World Bank Group disbursed a full of USD 62.3 billion inward loans, grants, equity investments, as well as guarantees to partner countries as good as private businesses.

By Kate Finster, Research Associate

Sources as well as Additional Resources

EBRD press free

https://www.ebrd.com/tidings/2020/ebrd-extends-funds-to-turkeys-alternatif-banking concern.html

IFC press release

https://ifcextapps.ifc.org/ifcext/pressroom/ifcpressroom.nsf/0/3B91F9039F5E5DF785258606002B8142?OpenDocument

Alternatif Bank homepage

https://www.alternatifbank.com.tr

Alternatif Bank 2019 Annual Review

https://www.alternatifbank.com.tr/uploads/20200312102240639.pdf

Commercial Bank 2019 financial year press release

http://www.cbq.qa/EN/AboutUs/For-Investors/Financial-highlights/Documents/CBQK%20FY%202019%20Press%20Release%20Eng.pdf

Commercial Bank of Qatar homepage

http://www.cbq.qa

EBRD 2019 Annual Review

https://www.ebrd.com/tidings/publications/annual-written report/ebrd-annual-review-2019.html

IFC homepage

https://www.ifc.org

World Bank Group homepage

https://www.worldbank.org

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