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EBRD Invests In Akbank To Expand Long-Term Local Currency Funding In Türkiye
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 13. The European Bank
for Reconstruction and Development (EBRD) is investing up to $100
million equivalent in Turkish lira-denominated covered bonds to be
issued by Akbank, Trend reports.
The issuance marks the first covered bond transaction in Türkiye since 2019.
Proceeds from the bond will be used to support sub-borrowers engaged in green economy projects under the Türkiye Green Economy Financing Facility II (Türkiye GEFF II).
The transaction aims to promote environmentally sustainable investments while also reviving the local covered bond market as a source of longer-term Turkish lira funding for banks. It will help Akbank diversify its funding sources and could encourage other financial institutions to pursue similar instruments.
The EBRD has committed more than 22 billion euros across 489 projects in Türkiye since 2009, with a strong focus on private sector development.
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