Reinforcing its commitment to women’s empowerment and participation in the labor force, the European Bank for Reconstruction and Development (EBRD) is providing €600 million ($695 million) in new financing for Turkish women entrepreneurs.

The funds will be channeled through local banks and lent to eligible women-run businesses under the bank’s expanded Women in Business program, the EBRD said in a statement on Monday.

EBRD President Odile Renaud-Basso said the bank is determined to narrow the funding gap for female entrepreneurs and to "help Turkey unleash the power of its women".

Under the program, women-led businesses will benefit from risk-sharing through the Turkish Credit Guarantee Fund (KGF) and the Ministry of Treasury and Finance.

In addition, the European Union is supporting the initiative with grant funding.

The Women in Business program was launched in 2014 to promote women’s entrepreneurship in Turkey. Since then, 20,000 women entrepreneurs benefitted across the country.

To date, the EBRD has invested €14 billion in the country through 351 projects, with 95% of those in the private sector.

The bank’s portfolio of €7 billion in Turkey is the largest of the 38 economies in which the EBRD invests./aa