Women-owned businesses represent 40 percent of small and medium-sized enterprises in Turkey, but only 15 percent have access to finance. IFC has partnered with local banks and committed $60 million to change this.
Around the world, some 2.5 billion adults and 200 million small and medium enterprises lack access to adequate financing and capital. Considering the size of the challenge, achieving global financial inclusion will require not just hard work...
Looking to expand production and take advantage of a boom in regional container demand, Modern Karton, one of Turkey’s leading producers of paper-based containers, first needed access to a significant supply of water, a key ingredient for paper
Turkey, a member of IFC since 1956, is IFC’s second-largest client. IFC’s work in Turkey is part of the joint World Bank/IFC Country Partnership Strategy (CPS). From 2008 to 2011, IFC invested US$3.7 billion in 47 projects in Turkey, including US$2 billion from IFC’s own account. In the same period, IFC mobilized about US$1.7 billion.
In 2010, IFC established its Istanbul office as the first IFC Operations Center. Today it is IFC’s largest office outside of Washington, DC, with 200 staff serving 52 countries in the Europe, Middle East, and North Africa region.
As of December 31, 2013, IFC’s investments in Turkey during FY12–14 have been over US$2.1 billion, exceeding the expected investment program in Turkey for the FY12–15 CPS period.
With the CPS 2012-15:
IFC aims to support underserved segments of the economy, including female entrepreneurs and MSMEs. IFC also plans to support energy sector reform with private sector investments, including energy-efficiency and renewable energy projects, in municipalities and in the poorer regions of Turkey.
IFC will continue to support the launch of innovative products and explore opportunities to further develop the Turkish corporate bond market.
IFC will continue to support Turkish companies investing in the region and beyond.
As of December 2013, IFC’s committed portfolio in Turkey was US$3.1 billion. In addition, IFC has committed about US$4 billion through syndications and parallel financing. In FY13, IFC invested a record US$985 million allocated to 20 projects, supporting exporters, MSMEs, energy security (including renewable energy projects), energy efficiency and cleaner production, health, education, infrastructure, and trade finance, as well to Turkish companies investing in the region and beyond.
Details of projects currently in progress can be found in IFC Disclosure.
For completed projects see press releases by visiting the IFC Press Room.