The European Investment Bank is reinforcing its support to small and medium-sized enterprises (SMEs) and mid-sized companies (midcaps) in Turkey via a EUR 150 million investment participation in a new programme introduced by Akbank, a long-standing partner of the EIB in Turkey. Akbank is inaugurating a covered bond programme, the first in Turkey backed by residential mortgages. EIB’s participation will be in the first bond series issued under Akbank’s newly-established programme. Akbank will on-lend the proceeds of the EIB series to eligible SMEs and midcaps. Through this operation, the EIB is continuing its successful cooperation with Akbank, building on Akbank’s strong position in the SME segment and leveraging its broad geographical outreach. This new credit line increases the availability and maturity of funding for SMEs and midcaps in Turkey, which are an essential part of the country’s economy.