Turkey to receive World Bank finance for small businesses

The World Bank is partnering with Turkey’s Vakifbank (VAKBN.IS) to mobilise up to 1.5 billion euros ($1.76 billion) to expand access to finance for the country’s micro, small and medium enterprises, the multilateral lender said this week.

The project will leverage a 750-million-euro International Bank for Reconstruction and Development guarantee to secure a 10-year financing facility composed of commercial financing from international lenders, the World Bank said.

The initiative, focused particularly on women and youth, is part of the World Bank’s Access to Finance for Jobs and Growth Program, a $4 billion initiative.

Turkey is among the first countries to benefit from the program, which aims to improve access to financial services and instruments for businesses across the Europe and Central Asia region.