EBRD invests $7.5M in Turkish supermarket

By Gokhan Ergocun

ISTANBUL (AA) - 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.