Sélecteur de langues
Luxembourg, 8 November 2012
EIB renews support for small and middle-sized entrepreneurship in Turkey
The European Investment Bank (EIB) is renewing its support for small and medium-sized enterprises (SMEs) and mid-sized companies (mid-caps) with a EUR 150 million loan to Akbank T.A.S.
The EIB is resuming its partnership with Akbank, continuing the successful past cooperation and building on Akbank’s strong position in the SME segment combined with a broad geographical outreach.
The EIB loan will support investments in tangible or intangible assets, as well as working capital. Investments will be made in new projects or the modernisation/expansion of existing businesses, mainly in the fields of manufacturing, services and tourism. The operation will enable Akbank to further improve the conditions offered to the final beneficiaries, especially in terms of the maturity of the loans provided. SMEs can receive loans for projects costing less than EUR 25 million, whereas mid-caps can do so for projects costing up to EUR 50 million.
EIB Vice-President Pim van Ballekom commented on this occasion at the EIB’s headquarters in Luxembourg: “Support for Turkey’s vibrant small and middle-sized private sector remains a priority for the European Investment Bank. To this end, we are pleased to renew today the successful cooperation with our banking partner Akbank. The expected economic benefits of our support are significant in terms of job maintenance and private sector development in Turkey, as SMEs – numbering 1.9 million companies – are the largest sector of the Turkish economy and constitute the biggest provider of employment”.
Note to editors:
The European Investment Bank is the EU bank owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2011, total EIB lending reached EUR 61 billion.
As the European Union’s bank, the EIB is Turkey’s long-standing, financial partner (with almost 50 years of operations) offering broad experience with public and private investments in all key sectors. The EIB has made a significant contribution to Turkey’s economy and to the country’s EU pre-accession process by financing emblematic infrastructure projects such as the Bosporus bridge and tunnel, the Istanbul Metro and the light rail systems in Antalya, Samsun and Bursa, and key private sector industrial projects.
In 2011, the EIB provided total lending of EUR 2 billion for projects across all of the country’s key economic sectors. As a result, Turkey continued ranking first among recipient countries outside the EU that year.
Helen Kavvadia, email: email@example.com ; tel.: +30 210 6824517