Posted on 14 February 2011
Turkey – USD 500 million World Bank loan secured for Turkish SMEs
The World Bank has allocated a total of USD 500 million to the Second Access to Finance for Small and Medium Enterprises (SMEs) project for Turkey. Approved by the World Bank Board of Executive Directors, the project will be implemented by Turkiye Kalkinma Bankasi, Ziraat Bankasi and Turkiye Vakiflar Bankasi in order to provide small and medium-sized enterprises with the resources to fund their capital, investment and financial leasing costs.
The USD 500 million loan, under guarantee of the Treasury, will be provided to businesses by Turkiye Kalkinma Bankasi (USD 100 million), Ziraat Bankasi (USD 200 million) and Turkiye Vakiflar Bankasi (USD 200 million) in order to increase efficiency and create employment.