New partnerships between EIB and Turkish banks
The European Investment Bank (EIB) has announced a deal with three major banks in Turkey to help increase support for SMEs and entrepreneurs.
The EIB has signed agreements to provide Eximbank, Halkbank and Vakifbank with €200m worth of loans. The money will be provided in two tranches to Eximbank and Vakifbank, whilst Halkbank has received the money in full.
Speaking about the deals, Pim van Ballekom, vice-president of the EIB said: “These new loans for SMEs will respond to the needs of the private sector by enabling our banking partners to provide long term lending facilities for investment projects. This underlines the continuing commitment of the EIB to supporting Turkish investment projects via reliable local banking partners.”
These funds will be channelled through the EIB partner banks, which will pass on the funds to finance projects undertaken by SMEs and midcaps in industry, tourism and services in the form of loans. The operations will increase the availability and lengthen the maturity of funding for SMEs and midcaps in Turkey, which are seen as an essential part of the country’s economy and growth potential. The deals are supported by the Turkish Government as a way to enhance growth and job creation and attract more investment to regions of the country with weaker economies.
The EIB helps support the work of Horizon 2020 and the European Commission by providing access to risk finance under the Industrial Leadership pillar.
