26 February 2019•Update: 27 February 2019
By Gokhan Ergocun
ISTANBUL
The European Bank for Reconstruction and Development (EBRD) announced on Tuesday that it is investing in leading Turkish supermarket chain Migros.
The bank has invested 40 million Turkish liras ($7.54 million) in Migros' lira-denominated bond issuance, the EBRD said in a press release.
"The new Turkish-lira denominated bond will be listed on Borsa Istanbul, and its proceeds will reduce the company’s foreign currency exposure," the EBRD said.
The bank also provided a €60 million ($68 million) loan to Migros last December.
Since 2009, the EBRD has invested nearly €11 billion (approximately $13 billion) in Turkey -- a top destination for the bank’s finance -- through more than 280 projects.
In 2018 alone, the EBRD invested €1 billion (some $1.13 billion) in several projects in the country -- nearly a third of this financing provided in Turkish lira.
Migros operates over 2,000 branches in Turkey's 81 provinces under the Migros, M-Jet, 5M, and Macrocenter brands.
