The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral development institution, recently announced it is extending its partnership with QNB Finansbank, a commercial bank in Turkey, with a five-year loan of USD 55 million under EBRD’s “Women in Business” programme. The funds will be used for on-lending “to businesses either owned or run by women” and will feature a “first-loss risk cover” of up to EUR 4.4 million (USD 5.16 million) guaranteed by EBRD, the EU and the Turkish government.
The EBRD “Women in Business” programme operates in 17 countries with the mission of “equalis[ing] the chances of success for female entrepreneurs.” It has been active in Turkey since 2014, during which time “14,000 women-led businesses in Turkey have received loans worth a total of TRY 650 million (USD 184 million).”
Established in 1987, QNB Finansbank was acquired by the government-owned Qatar National Bank in 2016. As of that year, QNB Finansbank reported total assets of TRY 101.5 billion (USD 27.9 billion), a customer deposit portfolio of TRY 52 billion (USD 14.3 billion) and a total loan portfolio of TRY 62.9 billion (USD 17.4 billion).
EBRD was founded in 1991 and has 65 shareholding countries as of 2017. The bank, which focuses on “the promotion of private and entrepreneurial initiative,” invested EUR 9.4 billion (USD 10.1 billion) in 30 countries during 2016.
By Jacob O’Driscoll, Research Associate
Sources and Additional Information
EBRD provides US$ 55 million to QNB Finansbank for female entrepreneurs in Turkey
http://www.ebrd.com/news/2017/ebrd-provides-us-55-million-to-qnb-finansbank-for-female-entrepreneurs-in-turkey.html
EBRD
http://www.ebrd.com/
QNB Finansbank
http://www.qnbfinansbank.com/
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