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 became a member of IFC in 1956 and has been contributing to the development of the country’s private sector for over 45 years. As of fiscal year 2012, Turkey is IFC’s fourth largest client in terms of committed portfolio and IFC’s second largest in terms of outstanding portfolio.
In Turkey, IFC also plays an important role in mobilizing investments from other sources of financing.
IFC Strategy in Turkey
IFC’s work in Turkey is part of the joint World Bank/IFC Country Partnership Strategy. From 2008 to 2011, IFC invested $3.7 billion in 47 projects, $2 billion of which is from IFC’s own account. In the same period, IFC mobilized about $1.7 billion. We also supported the expansion of Turkish companies into the Balkans, Russia, India, Georgia, Haiti, Tunisia, and Egypt with over $500 million in financing.
With the new Country Partnership Strategy (2012-1015);
IFC aims to support under-served segments of the economy, including female entrepreneurs and micro, small, and medium enterprises (MSMEs). We also plan to invest in energy efficiency, renewable energy, municipalities, and poorer regions of Turkey.
We will continue to implement innovative products and explore opportunities to further develop the Turkish corporate bond market.
We will support Turkish companies investing in the region and beyond.
In fiscal year 2012, IFC invested $450 million and mobilized $130 million in 13 projects in priority areas in Turkey. Those include exports, MSMEs, renewable energy, energy efficiency, cleaner production, energy security, health, infrastructure, trade finance and corporate expansion.