ISTANBUL/WASHINGTON D.C., April 27, 2004—The
International Finance Corporation, the private sector arm of the World
Bank Group, has announced the signing of a $30 million loan facility to
Koç Finansal Kiralama A.S. (“Koçlease”) one of the largest and best performing
leasing companies in Turkey. The loan will increase the availability of
long term funding, which Turkish private sector companies need to support
their growth strategies.
The investment extends IFC’s long-standing, successful collaboration with
the Turkish leasing industry and in particular with the Koç group. Koçlease
is a subsidiary of Koç Financial Services, which is owned by Koç Holding
of Turkey and Unicredito Italiano of Italy.
Jyrki Koskelo, IFC’s director for Global Financial Markets, said, “The
loan is in line with IFC’s strategy of assisting premier leasing companies,
such as Koçlease, in extending long-term funding to the Turkish private
Khosrow Zamani, IFC’s director for Southern Europe and Central Asia, noted,
“We are pleased with this transaction, which expands our collaboration
with the Koç group and Unicredito Italiano. This loan will enable
Koçlease to extend long-term funding, particularly to Turkish small businesses
that are a key segment of IFC’s strategy in Turkey.”
Cagatay Baydar, general manager of Koçlease, added, “We have always pursued
a strictly customer-focused approach, in line with the Koç Financial Services
Group’s business philosophy. For us it is crucial to identify customer
needs correctly and achieve sound growth through high-quality financial
leasing products and services. IFC’s long-term facility will support
our strategy of funding small and medium sized enterprises and will add
to our overall business success.”
Since its establishment in 1995, Koçlease has provided long-term financing
primarily to export-oriented small and medium-sized industrial companies.
Koçlease sells its leasing products through the branch network of Koçbank
which also belongs to Koç Financial Services Group.
IFC's portfolio in Turkey, including amounts mobilized from commercial
banks, stood at $968.5 million as of December 2003. Turkey accounts for
about 5 percent of IFC's global investment commitments and is IFC's third-largest
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in developing 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 FY03, IFC has committed more than $37
billion of its own funds and arranged $22 billion in syndications for 2,990
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY03 was $16.8 billion for its own account and $6.6 billion held
for participants in loan syndications.