EBRD provides further US$55m for women-owned SMEs

News | 14 August 2017

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European Bank for Reconstruction and Development (EBRD) has given QNB Finansbank a US$55m loan to support women-owned SMEs in Turkey.   

QNB Finansbank (Finansbank was acquired by QNB in June 2016, leading the formation of QNB Finansbank) will use the five-year facility to exclusively support female entrepreneurs with trade finance products, as well as through business mentoring and networking programmes.

EBRD launched its Women in Business programme for Turkey in 2014 – the development bank has committed over €300m to the programme to date.

“We are delighted to have extended the planned €300 million to our partner banks in Turkey. This highly successful programme is a wonderful example of how international institutions and local authorities can join forces to deliver impact. As we see continuous demand for financing and advisory services from women-led businesses, we will spare no effort to ensure that the programme continues,” said Jean-Patrick Marquet, EBRD managing director for Turkey.

The US$55m loan facility was also supported by the Turkish government and the EU, who provided first-loss risk cover, which is a feature designed to make loans less risky and therefore more affordable.

“Under the EBRD’s Women in Business programme we have supported 6,170 female entrepreneurs since 2015, with our loan commitments amounting to TL 246 million. We will continue to support them with a wide array of solutions that best suit their needs for finance, consultancy and cash management,” said Temel Güzeloğlu, CEO of QNB Finansbank.

“Banking cannot make a strong investment in its own future unless it embraces all segments of society and helps to ensure social development and equilibrium. We therefore particularly appreciate our cooperation with the EBRD, whose values are consistent with our own.”

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