Turkey: Access to Finance for Small and Medium Enterprises Project [Additional Financing]

WASHINGTON, December 15, 2009 - The World Bank’s Board of Executive Directors today approved the following project:

Turkiye Halk Bankasi A.A. (HALBANK) with the guarantee of Turkey: Access to Finance for Small and Medium Enterprises Project [Additional Financing]

IBRD Loan: US$100 million and €101.1 million

Terms: Maturity = 14 years; Grace Period = 5 years

Project ID: P108140

Project Description: The additional financing for the Access to Finance for Small and Medium Enterprises Project aims to increase Turkish SME access to medium-term finance. It will scale-up SME financing not only during the implementation period (2008-2012), but also beyond that period as the Borrower will use the reflows repaid from the initial sub-borrowers to finance new investments before the funds are returned to the World Bank. Such expanded financing responds in particular to the financing constraints due to the impact of the global crisis.

Media Contact

Michael Jones

(202) 473-2588

mjones2@worldbank.org 

For more project information, please visit: http://web.worldbank.org/external/projects/main?pagePK=64283627&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P108140