Istanbul, Turkey, 11 March 2022—To boost access to finance and employment opportunities for women in Turkey and create more gender-equal businesses, IFC announced an investment in Türkiye Sinayi Kalkinma Bankasi (TSKB), the country's largest development bank.
IFC is providing a $100 million financing package to TSKB to allocate to mid-cap companies in Turkey that are also women-inclusive enterprises. To qualify as a women-inclusive enterprise, a company must meet specific gender criteria, such as having a minimum number of women owners, board members, or senior executives, a valid gender equality certification, or a minimum score from IFC's gender tool kit.
"Women are one of the most vulnerable groups in the face of global risks such as climate change and pandemics," said TSKB CEO Ece Börü. "On the 8th of March, International Women's Day, we are pleased to sign an important funding agreement that increases women's employment with IFC, a longstanding business partner for us. We will continue to take concrete steps towards the equal representation of women in both production and management by contributing to the inclusive transformation of private sector companies".
According to the World Economic Forum's Global Gender Gap Report, Turkey has one of the highest gender gaps in labor force participation rates among OECD countries and emerging economies, at 38.5 percent for females ages 15-64, compared to 78 percent for males. Overall, the report ranks Turkey 140th out of 156 countries on the gender gap in the Economic Participation and Opportunity category.
"Women lag behind men when it comes to access to finance and formal labor force participation in Turkey, facing significant hurdles both as employees and entrepreneurs," said Wiebke Schloemer, IFC Director for Turkey and Central Asia. "Increasing female participation rates in the workforce are not just a moral imperative – it's also essential to support a sustainable, inclusive economic recovery."
TSKB and IFC are long-standing partners. IFC has provided financing to the bank since 1963, with a focus on energy efficiency, renewable energy, and reducing pollution. The bank identified gender finance as a focus area in 2016 and has been systematically developing the area since then.
Turkey represents IFC's second-largest country exposure in terms of commitments. IFC has supported private sector development in Turkey for more than 50 years, with a committed exposure of over $4.3 billion in the country as of June 2021.
About TSKB
Headquartered in İstanbul and established in 1950 with the support of World Bank and the Central Bank of Türkiye and shareholding of private commercial banks, Türkiye Sınai Kalkınma Bankası (TSKB) is Türkiye's first privately-owned development and investment bank. Ever since its inception, TSKB has been engaging in business partnerships with supranational financial institutions, international development agencies, and financial institutions all over the World.
TSKB has been supporting Türkiye's sustainable growth with its deep knowledge and experience as well as the broad array of corporate banking, investment banking, and consultancy services. TSKB's banking model offers solutions for combating climate change and supports transition to a low-carbon economy under its sustainability-focused activities while targeting inclusiveness investments as well. TSKB's support for investments to contribute to the sustainable development of Türkiye constitutes nearly 90% of the Bank's total loan portfolio. Medium to long-term targets of the Bank could be found in its Integrated Financial Report and Climate Risks Report. For more information, visit www.tskb.com.tr.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
Stay Connected
www.facebook.com/IFCwbg
www.twitter.com/IFC_org
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex
www.instagram.com\ifc_org
Contacts
Stay Informed
Sign up to have customizable news & updates sent to you.