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Istanbul, Turkey, September 26, 2016—
IFC, a member of the World Bank Group, invested $1.8 billion in Turkey last fiscal year, helping to improve municipal services, combat climate change, develop local capital markets, bolster supplies of renewable energy, and support smaller businesses.
Alongside those commitments, IFC also advised businesses and government bodies in a host of areas, from upstream advice to Turkish municipalities on technologies, environmental and social issues, business models and financing structures to technical assistance to three Turkish clients in improving their corporate governance systems. The work was part of an effort to leverage the creative force of Turkey's private sector to combat poverty and drive economic development. During the 2016 fiscal year, which ended on June 30, IFC invested in 18 projects, providing private Turkish firms with a mix of equity investments, long-term loans, interest rate swaps, and trade finance. It marked the fourth consecutive year IFC had set an institutional record for investments in Turkey.
“Our program remains strong despite a challenging year for the country's private sector,” said Aisha Williams, IFC Country Manager for Turkey. “As the financing environment gets tighter for emerging markets globally, we see more demand for IFC’s services. In line with our strategy in Turkey, we continued to support the country's development goals by working with our clients across all industries.”
IFC's landmark commitments last fiscal year included:
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Equity investments in two Turkish banks - Fibabank and Odeabank - designed to help smaller business access loans and other vital forms of financing;
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A $215 million equity investment in Ronesans Holding, one of Turkey's largest construction companies and specialist in infrastructure development;
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A 110 million euro financing package for the Istanbul Metropolitan Municipality, to support the construction of a new metro line;
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$370 million in short-term loans to support trade finance under IFC’s Global Trade Finance Program; and
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An equity investment in renewable power company Afken Energy, which will help the firm triple its generating capacity. The investment was part of $455 million IFC committed in Turkey last year to help combat climate change.
With a total portfolio of $4.8 billion, Turkey represents the second-largest country exposure for IFC globally. IFC’s office in Istanbul, established 30 years ago, is its largest outside of the institution's Washington, D.C. headquarters and the operational hub for IFC’s activities in Europe, Central Asia, and Middle East, and North Africa.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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