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Tuesday, March 31, 2020

EIB to lend nearly $500 million to Turkish banks for SMEs

In partnership with three financial institutions in Turkey, the European Investment Bank (EIB) is boosting the country's economy with a total of nearly $500 million in loans to small and medium-size enterprises (SMEs), the bank said Monday.

Eximbank, Vakifbank and Halkbank each received a loan that will be used to support entrepreneurial businesses: Two loans, each worth $124.7 million, will go to both Eximbank and Vakifbank, and Halkbank will get a $249.4 million loan.

SMEs in the industrial, tourism and service sectors will be the main beneficiary of this round of funding. The partner banks have been successful in the past in developing a good diversity of enterprises.

“These new loans for SMEs will respond to the needs of the private sector by enabling our banking partners to provide long-term lending facilities for investment projects," Pim van Ballekom, vice president of the EIB, said. "This underlines the continuing commitment of the EIB to support Turkish investment projects via reliable local banking partners."

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European Investment Bank

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