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Istanbul, Turkey, November 3, 2017
—IFC, a member of the World Bank Group, has kicked off fiscal year 2018 in Turkey on a strong note, investing $430 million in long-term finance in Turkish companies and providing $250 million in trade finance lines to banks up to date.
IFC continued its strong support for Turkish banks helping to revive the covered bonds market, boost access to finance for businesses, and introducing green mortgages. IFC invested a total of $300 million in Turkish lira equivalent in covered bonds issued by
Yapı Kredi Bankası
and Akbank in October, to help boost the residential mortgage sector, including the development of ‘green’ buildings.
IFC also provided a seven-year loan of up to $100 million to
Tüpraş,
Turkey’s only oil refiner, and the largest industrial company to support the company’s investment plans concerning environmental upgrades, efficiency improvement and Research & Development activities. IFC also arranged a $25 million loan to
Nobel Ilac
, a leading pharmaceutical company and the country’s only net exporter in the sector, to help meet growing demand for innovative, affordable, and high-quality medicine.
“Turkey has an agile, flexible and entrepreneurial private sector, which has been a major driving force behind its growth.” said
Tomasz Telma, IFC Director for Europe and Central Asia
. “To maintain momentum and build on the economic successes of the past decades, Turkey needs to further develop its strengths and tackle its challenges, including increasing financial inclusion, global integration, and competitiveness. We remain committed to continuing to help Turkey reach its development goals.”
IFC’s work this fiscal year builds on strong results in fiscal year 2017, which ended on June 30, in which it delivered a remarkable $1.2 billion in long-term finance and equity investments, as well as $860 million in short-term trade finance to support Turkey’s private sector.
IFC also made a strong contribution to Turkey’s healthcare public-private-partnership program in FY17, becoming an anchor investor with an 80 million euro in a bond issue to support the development of a 1000-bed integrated health campus in
Elazig
. In addition, IFC continued to work with
Odeabank
,
Sekerbank
, Finans Leasing,
Garanti Bank
, Akbank
with projects to further deepen Turkey’s capital markets.
Turkey is IFC’s second-largest country exposure globally with a $5.9 billion committed portfolio, and IFC’s office in Istanbul, established 30 years ago, is its largest outside Washington, D.C. and an operational hub.
Since its first investment over half a century ago, IFC has supported Turkey’s private sector with $14.2 billion in investments in more than 350 projects.
The World Bank Group and the government of Turkey have renewed their partnership with the introduction of a new
Country Partnership Framework (CPF),
approved in August by the World Bank’s Board of Executive Directors.
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 more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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