Hogan Lovells supports U.S. International Development Finance Corporation in US$100 million Turkey loan
New York, 17 November 2023 – A team from global law firm Hogan Lovells has supported long term client U.S. International Development Finance Corporation (DFC) in a US$100 million loan to Turkey’s Sekerbank. The seven-year loan will be used to support the development of the central and southern regions most affected by the 6 February 2023 earthquake, as well as for the financing of women’s businesses and small and medium-sized enterprises.
The project follows US$235 million in U.S. government support and over US$110 million in U.S. corporate donations to the earthquake zone immediately following the 6 February 2023 earthquake. Additionally, Sekerbank will add another US$33 million to the project giving total funding alongside DFC of US$133 million.
Speaking on the agreement, Agnes Dasewicz, DFC Chief Operating Officer, said: “DFC is proud to support Şekerbank in providing financing for the small businesses that provide jobs and essential services critical to the enduring recovery of communities affected by the earthquake in February. DFC’s commitment to bolster Şekerbank’s ability to provide financing for women-owned businesses will also help to ensure that as these communities rebuild, their economies grow stronger and more inclusive for the long-term.”
The Hogan Lovells team was led by New York partner Ricardo S. Martinez, with support from counsel Todd Matras, attorney Christopher Bonilla (all New York), and associate Mariana Amaral (Washington, D.C.).