DEG support for Turkish SMEs
The German development bank - Deutsche Investitions- und Entwicklungsgesellschaft (DEG) has subscribed for bonds to the amount of TRY90 million ($39.7 million), issued by Turkey’s DenizBank, one of Turkey’s leading commercial banks. DenizBank will employ the funds for the long-term refinancing of loans to small and medium-sized enterprises in the agricultural sector, one of its key customer groups. This is the first time DEG has used such a financing mechanism to support SME’s in Turkey.
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