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Istanbul, Turkey, June 27, 2012
—IFC, a member of the World Bank Group, in partnership with the European Fund for Southeast Europe (EFSE), is helping Turkey’s Fibabanka improve access to finance for small and medium enterprises in Turkey, especially those owned and run by women.
IFC is providing Fibabanka with a $30 million senior loan with a five-year term
from its own account, and is mobilizing a €15 million ($18.9 million) parallel loan from EFSE. Fibabanka’s growth strategy in Turkey focuses on serving small and medium enterprises.
Bekir Dildar, General Manager of Fibabanka, said, “Partnership with IFC and the European Fund for Southeast Europe will enable our bank to reduce obstacles for women entrepreneurs and help them become more active in the business environment, contributing to economic development of the country.”
Edward Strawderman, IFC Associate Director, Financial Markets, said, “IFC is working to increase lending to women in the Europe and Central Asia region through our Banking on Women program. Our cooperation with Fibabanka and the European Fund for Southeast Europe expands this important initiative, boosting financial inclusion in Turkey.”
IFC launched its Banking on Women program in Europe and Central Asia in 2011 to support lending to women through financial intermediaries. To date, IFC has completed transactions with Garanti Bank Romania and Turkey’s Abank, with loans totaling $55 million and reaching 450 women-owned small and medium enterprises.
Globally, IFC supports the participation of women in business as an important part of its mission to foster sustainable private sector growth in developing countries. IFC works with financial institutions to expand financial services to women entrepreneurs through targeted credit lines, market analyses, and capacity building.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
For more information about the European Fund for Southeast Europe
, visit:
www.efse.lu
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