Contacts: In Ankara: Tunya Celasin, (90-312) 459 8343 Tcelasin@worldbank.org In Washington: Michael Jones (202) 473-2588 mjones2@worldbank.org ANKARA, December 15, 2009— The World Bank today approved a US$ 250 million equivalent second additional loan for Turkey’s Access to Finance for Small and Medium Enterprises (SMEs) project. The loan will be to Türkiye Halk Bankası A.S. (Halkbank), with a government guarantee, and will provide medium and long term working capital and investment finance to small and medium enterprises in Turkey. “Small and medium enterprises are an engine of the Turkish economy. Continued access to finance for them is crucial for growth and jobs,” said Ulrich Zachau, Country Director for Turkey. “This second additional loan provides more crucial financing for small and medium enterprises, just when they most need it, as Turkey begins to emerge from the impact of the global economic crisis.” The Access to Finance for SMEs project, a financial intermediation loan of the World Bank in Turkey, is implemented by two borrowers: Halkbank and Türkiye Sınai Kalkınma Bankası (TSKB), each originally supported by a loan of €100 million equivalent approved by the Board of Executive Directors in June 2007. After Halkbank disbursed its original loan amount, an additional finance loan in the amount of US$ 200 million was approved by the board in December 2008. This second additional loan for the Access to Finance for SMEs project is a commitment-linked flexible loan totaling US$ 250 million equivalent (US$ 100 million and Euro € 101.1 million) to Halkbank with an interest rate equal to 6 months Libor, plus fixed spread with final maturity of 14 years, including a 5 year grace period. - # - For more information about the World Bank’s work in Turkey, visit: http://www.worldbank.org.tr |
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