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.
