European Investment Bank grants €2.3bn loan to Turkey in 2013

The amount of loan the European Investment Bank (EIB) provided to Turkey in 2013 increased 8% compared to a year earlier. The EIB granted 2.3 billion euro to Turkish enterprises as loan in 2013, financing 26 different projects. About 52% of the money were allocated to support small and medium-sized enterprises through mediating banks. The EIB provided financial backing for projects on a vast array of areas including energy efficiency, forestation, and combating desertification and erosion. The total amount of financing the EIB provided to Turkey in the last five years has reached 11.1 billion euro. Established with the aim of providing finance for sustainable investment projects across Europe, the European Investment Bank is a non-profit bank jointly owned by the European Union's (EU) 28 member countries.