The European Bank for Reconstruction and Development (EBRD) and the Industrial Development Bank of Turkey (TSKB) will jointly provide 1 million euros ($1.2 million) in financing to an innovative medical equipment producer, the EBRD said Tuesday.

The working capital loan, distributed equally between the EBRD and TSKB, will help Asset Medikal expand its production amid the rising need for transfusions in hospitals due to the coronavirus pandemic, the bank said.

The company also aims to improve social sustainability by raising awareness and promoting gender equality.

Asset Medikal is a producer of innovative needle-free valves, which prevent health care workers from accidental needlestick injuries. Its products are sold in 30 countries across five continents.

The two banks have been working together to improve and simplify access to finance for small- and medium-sized enterprises (SMEs) across Turkey since 2017.

As a leading institutional investor in Turkey, the EBRD has invested 12.4 billion euros through more than 300 projects in the country since 2009.