Turkey, October, 19 2020 - Alternatif Bank will on-lend the funds to small and medium-sized enterprises (SMEs) and corporates affected by the economic impact of the pandemic, the EBRD said in a statement.

The European Bank for Reconstruction and Development (EBRD) said on Monday it is extending a loan of up to $25 million (21.3 million euro) to Turkey's Alternatif Bank to support companies affected by the consequences of the coronavirus  pandemic.

Alternatif Bank will on-lend the funds to small and medium-sized enterprises (SMEs) and corporates affected by the economic impact of the pandemic, the EBRD said in a statement.

In addition, the International Finance Corporation (IFC), the World Bank Groups private sector arm, is providing a similar-sized loan to the Turkish bank, the EBRD said.

"We will channel $50 million in loans from the EBRD and IFC to SMEs impacted by the pandemic and make a significant contribution to the development of the Turkish private sector," Kaan Gur, CEO of Alternatif Bank, said in the statement.