Support for the Earthquake Zone from Şok Markets and the European Bank for Reconstruction and Development

image

Support for the Earthquake Zone from Şok Markets and the European Bank for Reconstruction and Development

Şok Marketler (SOKM) has launched a Supply Chain Finance program for its suppliers in the earthquake-affected regions in collaboration with the European Bank for Reconstruction and Development (EBRD) and Akbank (AKBNK). Announced during a signing ceremony held in Ankara on November 25, 2024, the program aims to contribute to economic and social recovery in the affected areas. Supported by the EBRD, this project intends to improve cash flows and strengthen financial structures by offering cost-effective financing options to suppliers.

This program will enable suppliers to develop sustainable business models while providing significant contributions to local employment. The initiative, taken to ensure the continuity of production and supply processes after the earthquake disaster, represents a strategic move to support the ongoing economic activities in the region.

In addition to financial support, the program includes a consultancy and incentive package from the EBRD to help participating suppliers enhance their Environmental, Social, and Governance (ESG) performance. Supported by the European Union's Pre-Accession Assistance (IPA) II fund, this initiative aims to increase suppliers' human resources capacity and bring qualified workforce back to the region. Moreover, a key component of the program is its goal to adopt sustainability principles and reduce carbon footprints.

Uğur Demirel, CEO of Şok Marketler, stated that the program not only strengthens the financial structures of suppliers and aids in the creation of sustainable business models but also significantly contributes to economic and social development in the region. Demirel expressed that this initiative will not only make the supply chain more resilient but also assist Turkey in reaching its sustainability goals. The program is expected to create long-term positive impacts by reinforcing solidarity and sustainable development in the earthquake-affected areas.