Washington, D.C., December 1, 2005 —
The International Finance Corporation has signed an agreement to provide
Bilgi University in Istanbul with a $10 million loan and an additional
stand-by loan of up to $5 million. The investment will allow the university
to establish a business school and to expand the number of students enrolled.
It will also consolidate its e-learning platform through a new information
center and introduce distance learning for adult education through satellite
learning centers across the country. This is IFC’s second investment in
Mr. Nebil Żlseven, member of the university’s Board of Trustees, stated
that the IFC investment will strengthen Bilgi’s reputation as a provider
of comprehensive business education at academic and non-degree professional
levels. The university is expected to provide high-quality business
education to a broad spectrum of students and to become a center for excellence
in the field of professional training and mid-career educational opportunities.
“The investment will capitalize on Bilgi’s success in its business degrees,
in particular its MBA and e-MBA programs, which the university initiated
when IFC made its first investment of $12 million in 2001,” added Mr.
Guy Ellena, director of the Health and Education Department at IFC.
“Through Bilgi, IFC will continue to assist a leader in the area of business
education and significantly enhance the reach of quality education to more
remote areas in Turkey,” said Mr. Shahbaz Mavaddat, IFC’s acting regional
director for Southern Europe and Central Asia.
Turkey has significant strategic importance for IFC. As of October
2005, the country is IFC’s fifth-largest exposure in terms of committed
portfolio, at around $1 billion.
IFC's Health and Education Department provides project financing through
a variety of financial instruments, including loans and direct equity investments,
as well as local currency financing. The department also provides technical
assistance to support its clients throughout the life of a project and
undertakes independent research to explore issues facing the sector in
The International Finance Corporation is the private sector arm of the
World Bank Group and is headquartered in Washington, D.C. IFC coordinates
its activities with the other institutions of the World Bank Group but
is legally and financially independent. Its 178 member countries
provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment
in developing and transition countries, helping to reduce poverty and improve
people’s lives. IFC finances private sector investments in the developing
world, mobilizes capital in the international financial markets, helps
clients improve social and environmental sustainability, and provides technical
assistance and advice to governments and businesses. From its founding
in 1956 through FY05, IFC has committed more than $49 billion of its own
funds and arranged $24 billion in syndications for 3,319 companies in 140
developing countries. IFC’s worldwide committed portfolio as of FY05 was
$19.3 billion for its own account and $5.3 billion held for participants
in loan syndications. For more information, visit www.ifc.org.