World Bank, Turkey Export Credit Bank agree partial credit guarantee deal
The World Bank has approved a partial credit guarantee for €250 million ($273,580,000 equivalent) to Turkey Export Credit Bank for the Turkey Long-Term Export Finance Guarantee Project.
The project aims to improve access to longer-term finance for Export Oriented Small and Medium Enterprises (EOSMEs) and Export Oriented Mid-Cap Enterprises. At least 70% of the guaranteed loan amounts will be used for sub-loans to EOSMEs, and at least 10% of the guaranteed loan amounts will be earmarked for lending for women-inclusive firms.
The IBRD Partial Credit Guarantee will enable Turkey’s Eximbank to raise up to €500 million in long-term funding from commercial lenders, so to as to be able to provide working capital and investment sub-loans to private exporting enterprises.
