The European Bank for Reconstruction and Development (EBRD) announced on Friday it has invested in lira-denominated bond issued by Turkish retailer Migros.

“In a move to support deepening local currency and local capital markets in Turkey, the EBRD has invested 9 million lira ($1.6 million) in the 46 million lira ($8.16 million) Turkish-lira denominated bond issued by the country’s second largest retailer, Migros,” the bank said in a statement.

The issuance will be listed on Borsa Istanbul and proceeds will  refinance the company’s short-term loans, it said.

More: EBRD invests in Turkish retailer’s lira-denominated bond