Sullivan & Worcester has advised the European Bank for Reconstruction and Development on its unfunded risk participation in Turkiye’s Akbank SCF program. Allen & Overy Shearman Sterling's Turkish affiliate law firm of Gedik & Eraksoy reportedly advised the EBRD as well.
According to Sullivan & Worcester, the deal focuses on EBRD’s “unfunded risk participation in Turkiye’s Akbank SCF program in favor of Sok, a leading retailer in Turkiye. The program makes it possible for over 100 suppliers – primarily small and medium-sized businesses that are mostly based in cities struck by the 2023 earthquakes that claimed over 55 thousand lives – to benefit from the SCF program for the first time, providing them with access to affordable working capital solutions.” Furthermore, the firm reports that the deal is supported by the European Commission’s IPA II Fund.
The Sullivan & Worcester team included Partner Geoffrey Wynne and Counsel Daniela Barrdear.
