Banking Business Review
Commercial Banking
Anonymous User | Login

EBRD Boosts Lending To SMEs In Turkey

Published: 05-Nov-2009

To build up the availability of competitive financing products to small businesses

European Bank for Reconstruction and Development (EBRD) increased the financial support to private businesses in Turkey with a E50m syndicated loan facility to Garanti Bank for on-lending to micro, small and medium-sized enterprises (MSMEs) operating outside the main Turkish cities.

The proceeds of the EBRD funds will be used to finance the investments of small companies operating outside the three main Turkish cities Ankara, Istanbul and Izmir. A part of the loan will be used to continue Garanti Bank’s support to female entrepreneurs in rural areas. The loan will increase Garanti Bank’s commitment to this niche market and will provide a variety of tailored financial products.

The syndicated loan facility will support Garanti Bank’s drive to broaden the geographical coverage of its lending activities and build up the availability of competitive financing products to small businesses.

Successfully syndicated under the EBRD A/B structure, Garanti Bank is retaining E20m on its account. The remaining E30m is provided by the Netherlands Development Finance Company (FMO), the International Co-operation and Development Fund (TaiwanICDF) as well as by a group of commercial banks, AKA Ausfuhrkredit, Bank of Taiwan, BRE Bank, Chang Hwa Bank, Land Bank of Taiwan and Raiffeisenlandesbank Niederosterreich-Wien.

Varel Freeman, vice president of EBRD, said: “The small business sector is a crucial part of the Turkish economy and Garanti Bank is well placed to provide the support it needs.”

Tolga Egemen, executive vice president of financial institutions and corporate banking at Garanti Bank, said:“We believe that this transaction is an important facility manifesting future collaborations of the two institutions for the promotion of the Turkish economy.”

Mail sent successfully

Tell your friend about this article


Please enter a valid email address

Please enter your name

Please enter the mail body


Your Name: *
Your Email: *
Friend's Email: *
Email Body: *
 

Suppliers To This Sector

Browse A-Z

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Turku

A Superb Location for Doing Business in Northern Europe ...

White Papers

Browse A-Z

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

How Financial Firms Can Improve Business Integration Capabilities and Increase Straight-Through Processing Efficiency

This paper identifies some of the more common issues and challenges such as security and t ...

The Value of a Comprehensive Integration Solution

Many enterprises are currently spending more on integration-related projects than they nee ...

Business Collaboration Networks: Integral to the Success of the Enterprise

Without question, the development exerting the greatest influence on traditional business ...

Authentication and Signing: A Cryptomathic Business White Paper for Electronic Banking

As a leading security vendor to the financial sector, Cryptomathic have extensive experien ...

Law Enforcement Grade Voice Authentication For Enterprises

Agnitio offers technology for speaker verification and identification in financial service ...

How to Secure Online Banking from Man-in-the-Middle Attacks

Online banking has been steadily growing over the past decade. Almost every bank worldwide ...

Related Companies

Turkiye Garanti Bankasi AS

Turkiye Garanti Bankasi AS (Turkiye Garanti Bankasi) is Turkey's one of the largest pri ...

Yapi ve Kredi Bankasi A.S

Yapi ve Kredi Bankasi A.S. (Yapi Kredi) is a financial institution that provides bankin ...

Akbank T.A.S.

Akbank T.A.S. (Akbank) is a provider of banking and financial services. It provides ban ...

Koc Holding A.S.

Koc Holding A.S. (Koc) is one of the leading holding companies based in Turkey. It is ...

Suppliers Product News

No items to display

Free Newsletter Sign-up

Sign up, and we will send you a free Hang Seng Bank Limited - Financial and Strategic Analysis Review from GlobalData worth $750

Please enter a valid email address