Istanbul, Turkey, June 27, 2012—IFC,
a member of the World Bank Group, in partnership with the European Fund
for Southeast Europe (EFSE), is helping Turkey’s Fibabanka improve access
to finance for small and medium enterprises in Turkey, especially those
owned and run by women.
IFC is providing Fibabanka with a $30
million senior loan with a five-year term from its own account,
and is mobilizing a €15 million ($18.9 million) parallel loan from EFSE.
Fibabanka’s growth strategy in Turkey focuses on serving small and medium
Bekir Dildar, General Manager of Fibabanka,
said, “Partnership with IFC and the European Fund for Southeast Europe
will enable our bank to reduce obstacles for women entrepreneurs and help
them become more active in the business environment, contributing to economic
development of the country.”
Edward Strawderman, IFC Associate Director,
Financial Markets, said, “IFC is working to increase lending to women
in the Europe and Central Asia region through our Banking on Women program.
Our cooperation with Fibabanka and the European Fund for Southeast Europe
expands this important initiative, boosting financial inclusion in Turkey.”
IFC launched its Banking on Women program
in Europe and Central Asia in 2011 to support lending to women through
financial intermediaries. To date, IFC has completed transactions with
Garanti Bank Romania and Turkey’s Abank, with loans totaling $55 million
and reaching 450 women-owned small and medium enterprises.
Globally, IFC supports the participation
of women in business as an important part of its mission to foster sustainable
private sector growth in developing countries. IFC works with financial
institutions to expand financial services to women entrepreneurs through
targeted credit lines, market analyses, and capacity building.
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, visit www.ifc.org.
For more information about Fibabanka,
For more information about the European
Fund for Southeast Europe, visit: www.efse.lu