Istanbul, Turkey, 20 October 2011—IFC,
a member of the World Bank Group, is partnering with FMO, the development
bank of the Netherlands, to provide a $40 million loan to ABank in Turkey
to help finance small and medium enterprises owned by women entrepreneurs,
providing them much-needed access to finance.
The transaction is IFC’s and FMO’s first loan in the country specifically
designed to assist enterprises run by women. Women-owned businesses represent
nearly 40 percent of the registered micro, small and medium enterprises
in Turkey, yet only 15 percent of them have access to finance.
Hamit Aydogan, CEO of ABank, said, “Working with our strategic partner
IFC, we will create innovative products and additional opportunities to
support women in business. The support extended to ABank by IFC and FMO
demonstrates the bank’s solid standing, and also confirms its increasing
penetration in the small and medium enterprise segment.”
Nanno Kleiterp, Chief Executive of FMO, said, “FMO believes that supporting
small and medium enterprises is key to further develop the private sector
in Turkey. Moreover, targeting businesses owned by women will allow ABank
to strengthen its lending in an underserved market segment.”
Dimitris Tsitsiragos, IFC Vice President for Eastern and Southern Europe,
Central Asia, Middle East and North Africa, said, “Giving more women access
to finance and increasing their economic power translates into more income,
less household poverty, better nutrition and schooling for children, as
well as new jobs for other women. Empowering more women entrepreneurs to
participate in business will unleash significant potential for further
development of the Turkish private sector.”
IFC is helping financial institutions around the world to reach women.
By 2013, IFC aims to provide loans through financial intermediaries to
over 3 million small and medium enterprises globally, and to ensure that
at least a quarter of them are owned by women. At the same time, IFC plans
to expand financial services to more than 58 million microfinance clients
around the world, at least half of them women.
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,
For more information about ABank, visit www.abank.com.tr.
For more information about FMO, visit www.fmo.nl.