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IFC Helps Fibabanka Expand Lending to SMEs in Turkey


In Istanbul:
Basak Ulgen
Phone: +90 212 385 3075
E-mail: BUlgen@ifc.org

Istanbul, Turkey, August 2, 2013 — IFC, a member of the World Bank Group, is providing a $40 million subordinated loan with a ten-year term to help Fibabanka expand its lending to small and medium enterprises (SMEs), boost access to financial services, and create jobs.

In Turkey SMEs represent the majority of all businesses and employment. IFC’s loan to Fibabanka will help the bank to implement its growth strategy and continue focusing on serving SMEs.  

”SMEs are critical for the economic and social development of the country” said Bekir Dildar, General Manager of Fibabanka A.Ş., “IFC’s support will enable us to expand existing products and offer new ones to our clients.”

Ed Strawderman, IFC ECA Financial Markets Director, said: “This transaction is in line with IFC’s strategy in Turkey to provide and help mobilize long-term funding for banks. Access to financing for SMEs is critical for Turkey’s economic development. We are happy to support our long-term partner, Fibabanka meet that challenge.”

IFC has supported private sector development in Turkey for over 45 years. Today, Turkey represents the second-largest country commitment in IFC’s global portfolio. In 2013, IFC has supported mainly in priority areas in Turkey: supporting exporters, SMEs, renewable energy and energy efficiency, cleaner production and energy security, urban infrastructure, trade finance, and helping Turkish companies expand outside of Turkey.

About IFC
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, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.

About Fibabanka
Fibabanka A.Ş., owned by Fiba Holding A.Ş., offers commercial, retail and private banking services with its network of 45 branches in Adana, Ankara, Antalya, Bursa, Denizli, Diyarbakır, Gaziantep, İçel, Istanbul, Izmir, Konya, Kocaeli, Muğla with totally 990 employees and has reached a total asset size of TL 5,4 billion as of July 2013. For more information, visit: www.fibabanka.com.tr

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