The European Bank for Reconstruction and Development (EBRD) provided Turkey's electricity company Enerjisa Enerji a new financing package of $125 million in Turkish lira equivalent under the EBRD’s new Vital Infrastructure Support Program, the bank announced on Tuesday.
The loan, denominated in Turkish liras to avoid currency mismatch, is provided as the first project under this emergency support program for infrastructure providers across the bank's emerging economies to ensure the provision of vital services despite acute pressure from the coronavirus (COVID-19) pandemic, according to the statement.
'EBRD funds will support the implementation of the company's investment plans during the period of uncertainty,' it said.
Enerjisa Enerji is a joint venture between Sabanci Holding and German E.ON, with each holding a 40% share while the remaining 20% stake consists of shares floated on Turkey's stock exchange, Borsa Istanbul.
By Firdevs Yuksel