The European Bank for Reconstruction and Development (EBRD) on June 10 said it will support the growth of small businesses in Turkey, especially ones led by women.
The bank will be joined by the JPMorgan Chase Foundation, which became the first private-sector philanthropic organization to co-finance grants for EBRD.
“The grant will be used to develop a new digital platform or solution that will expand access to know-how and learning opportunities for SMEs [small- and medium-sized enterprises],” it said.
The platform aims at helping businesses that face challenges in accessing information and the business networks they need to grow.
Additionally, the funding will lend support to promising women-led businesses in Istanbul.
The EBRD is a major investor in Turkey.
Since 2009, it has invested almost €12.4 billion in various sectors of the country’s economy, with almost all investment in the private sector.
The EBRD’s €7 billion Turkey portfolio is the largest among the 38 economies where the bank invests.