European bank loans $68M to Turkish retailer
The European Bank for Reconstruction and Development (EBRD) provided loan equivalents to 60 million euros ($68 million) to Turkish retailer Migros. “The loan will be available both in Turkish lira and in euros and will finance upgrades and an expansion program,” the bank said in a statement on December 25. Migros will use the loan to upgrade its existing stores and digital infrastructure, to modernize its logistics and to implement “the best” energy-efficient technologies in new stores, in line with EU standards. The bank has invested in two Turkish lira-denominated bonds issued by Migros earlier in 2018. Migros operates in 81 Turkish provinces through a network of 2,048 retail stores. It is also active in Kazakhstan and Macedonia with 42 Ramstore outlets. Since 2009, the EBRD has invested nearly 11 billion euros (approximately $13 billion) in Turkey - a top destination for the bank’s finance - through more than 250 projects. In 2017 alone, the EBRD invested 1.6 billion euros (some $1.8 billion) in 51 projects in the country - nearly a third of this financing was provided in Turkish lira.