World Bank, Vakifbank to fund $1.7b for Turkish SMEs
The World Bank is partnering with Türkiye’s Vakifbank to mobilise up to €1.5 billion ($1.76 billion) to expand financing for micro, small, and medium enterprises (SMEs) across the country.
The initiative will leverage a €750 million International Bank for Reconstruction and Development (IBRD) guarantee to secure a 10-year financing facility composed of commercial loans from international lenders, News.Az reports, citing Reuters.
Targeting women and youth entrepreneurs, the project is part of the World Bank’s Access to Finance for Jobs and Growth Program, a $4 billion initiative aimed at improving financial services for businesses across Europe and Central Asia.
Turkey is among the first countries to benefit from the program, which seeks to enhance business growth, job creation, and access to financial instruments for SMEs, a crucial driver of the national economy.
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