Finance
World Bank, Vakifbank to mobilise up to $1.7 billion for Turkey's small businesses
Published by Global Banking and Finance Review
Posted on December 16, 2025
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on December 16, 2025
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)
Micro, small, and medium enterprises (MSMEs) are businesses whose personnel numbers fall below certain limits. They play a crucial role in economic development and job creation.
Financing refers to the process of providing funds for business activities, making purchases, or investing. It can involve loans, credit, or investments.
A financing facility is an arrangement that provides funds to a borrower, typically from a financial institution, to support specific projects or business operations.
An International Bank for Reconstruction and Development guarantee is a financial commitment that protects lenders against default by a borrower, facilitating access to financing.
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