European bank loans $27M to Turkish logistics firm
14:27, 07/05/2020, ThursdayU: Update: 14:29, 07/05/2020, Thursday
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Headquarters of European Central Bank (ECB) in Frankfurt, Germany.
Bank provides financial boost to country’s logistics sector amid coronavirus pandemic
The European Bank for Reconstruction and Development (EBRD) on Thursday announced it extended a €25 ($27 million) loan to its longstanding partner Netlog Logistics, the largest provider of logistics services in Turkey.
"The EBRD is providing a financial boost to Turkey’s logistics sector as the coronavirus pandemic makes the continued flow of essential goods more important than ever," the Bank said in a statement.
The new financing will make supply chains more resilient and support domestic and international trade.
"Redoubled effort is needed to keep logistics and supply chains running," said Arvid Tuerkner, EBRD’s managing director for Turkey.
He added the industry is essential during the ongoing coronavirus pandemic and also vital for economic recovery globally.
"The EBRD is pleased to support Turkey’s largest logistics player, our longstanding partner Netlog Logistics, in this critical moment," he concluded.
Netlog Logistics is one of the fastest growing logistics firms in Europe, the Middle East and Africa.
Along with its 22 subsidiaries, the company offers a wide range of logistics services for the food, pharmaceutical, fashion and industrial goods sectors.
The EBRD said it stands ready to provide support to emerging economies worth €21 billion during the 2020-21 period.
It includes short-term liquidity, working capital and the restructuring of exposure for existing clients, as well as trade finance and an emergency support program for infrastructure providers.
The EBRD is a major investor in Turkey.
Since 2009, it has invested almost €12 billion in various sectors of the country’s economy, with almost all investment in the private sector.