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EUR 316 Million in Support from TKYB for Businesses

EUR 316 Million in Support from TKYB for Businesses

June 10, 2020

Development and Investment Bank of Türkiye (TKYB) secured EUR 316 million in support from the World Bank to increase registered employment at businesses seeking to grow and develop their operations.

EUR 316 Million in Support from TKYB for Businesses

A loan agreement was signed between Development and Investment Bank of Türkiye and the World Bank to increase registered employment in Türkiye. Signed by TKYB CEO İbrahim Öztop and World Bank Country Director for Türkiye Auguste Tano Kouame, the Formal Employment Creation Project includes a total loan facility of EUR 316 million backed by a Treasury guarantee. It aims to increase formal employment opportunities at companies operating in 24 provinces jointly selected by the two banks. The project seeks to provide private-sector businesses wishing to grow and develop with access to financial resources and skills, while improving the conditions for creating registered employment.

Drawing attention to the importance of resources aimed at increasing employment for sustainable economic growth during a period of global economic difficulty, TKYB CEO İbrahim Öztop said that part of the loan would be extended to large enterprises and part to SMEs through intermediary financial institutions. He also stated that the Bank’s Environmental and Social Management Framework, aligned with World Bank standards, would form the basis of lending under the facility. Öztop said: “Under the Formal Employment Creation Project, we will provide training as technical support both to the companies using the loan and to intermediary financial institutions. We will offer consultancy services to develop the management capabilities of borrowers and the institutional capacity of the organisations extending the financing.”

World Bank Country Director for Türkiye Auguste Tano Kouame said: “As the World Bank, we are extremely pleased to support the Formal Employment Creation Project, which will improve the conditions for companies operating in the provinces identified together with Development and Investment Bank of Türkiye to create employment in Türkiye. This project will contribute to all citizens in our target regions and to the Turkish economy.”

About Development and Investment Bank of Türkiye

Since 1975, Development and Investment Bank of Türkiye has supported development initiatives in every area needed by Türkiye. Drawing on its strong international standing and the resources it secures, it supports competitive and efficient production for a stable and robust economy. In line with the 2023 objectives, guided by the 11th Development Plan and the United Nations Sustainable Development Goals, the Bank focuses on financing sustainable development. With experienced and specialised human resources possessing command of global banking standards, a dynamic structure, and innovative products and services, it will continue to stand by investors.