World Bank, Vakifbank to mobilise up to $1.7 billion for Turkey's small businesses

ANKARA, ‌Dec 16 (Reuters) - The World Bank ‍is ‌partnering with Turkey's Vakifbank to mobilise up ⁠to 1.5 ‌billion euros ($1.76 billion) to expand access to finance for the country's micro, small ⁠and medium enterprises, the multilateral lender said ​on Tuesday.

The project will leverage ‌a 750-million-euro International ⁠Bank for Reconstruction and Development guarantee to secure a 10-year financing ​facility composed of commercial financing from international lenders, the World Bank said.

The initiative, focused particularly on women ​and ‍youth, is ​part of the World Bank's Access to Finance for Jobs and Growth Program, a $4 billion initiative. Turkey is among the first countries to ⁠benefit from the program, which aims to improve access ​to financial services and instruments for businesses across the Europe and Central Asia region.

($1 = 0.8513 ‌euros)

(Reporting by Can Sezer; Writing by Huseyin Hayatsever; Editing by Joe Bavier)