WASHINGTON, D.C., Aug. 28 -- The International Finance Corporation (IFC) signed an agreement today in Washington, D.C. to provide a US$10 million credit line to Bank Ekspres, a Turkish private sector bank. Bank Ekspres is a medium-sized, wholesale commercial bank majority owned by Garanti Bank. Since being acquired by Garanti Bank last year, Bank Ekspres has considerably strengthened its capital and deposit bases. IFC's loan will help to further strengthen the Bank's funding base while providing financing for the Bank's export-oriented customers. The efficiency and level of service offered by the Turkish banking sector have improved considerably in recent years. However, the limited availability of term funding continues to constrain the ability of Turkish banks to provide working capital and investment financing for their corporate customers. This loan and other recent IFC investments seek to address this situation by extending the funding maturity of otherwise sound Turkish banks. IFC is a member of the Wor
ld Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
