The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to US$ 50 million to QNB Finansbank, for on-lending to women-led small and medium-sized enterprises (SMEs) in Turkey under the EBRD’s flagship Women in Business programme.
The financing aims to strengthen the role of women-led SMEs in the Turkish economy and to promote inclusive sustainable growth.
The Women in Business programme is supported by a risk-sharing mechanism through the Turkish Credit Guarantee Fund (KGF) and the Ministry of Treasury and Finance. The European Union (EU) is also providing grants to fund the technical consultancy that will help QNB Finansbank to develop more products and services dedicated to women-led businesses.
The new investment is part of the €600 million in financing dedicated to Turkish women entrepreneurs announced by EBRD President Odile Renaud-Basso last year.
Since 2014 the programme has helped more than 20,000 women entrepreneurs in Turkey to reach their full potential by providing them with credit lines, as well as advisory support, training, mentoring and access to business networks.
Phase II of the Women in Business programme in Turkey will put an even greater emphasis on the most under-served Turkish women entrepreneurs – especially those based outside major Turkish commercial centres.
Supporting women-led businesses is one of the Bank’s priorities across its regions. Higher participation of women in the economy and closing gender gaps are expected to increase Turkey’s overall prosperity.