Six Turkish banks to join global program to support woman entrepreneurs
The Finance and Advice to Women in Business Program has been launched by the EBRD, the Delegation of the European Union to Turkey, the Turkish Labor Ministry and the Turkish Employment Agency.Six Turkish banks have expressed their interest in joining a new program to strengthen the role of woman entrepreneurs in the Turkish economy, the European Bank for Reconstruction and Development (EBRD) stated on Oct. 22.
Finansbank, Garantibank, İşbank, Şekerbank, Türk Ekonomi Bankası (TEB) and Vakıfbank will all participate in the “Finance and Advice to Women in Business” Program.
Organizers are hoping to create 21,000 new jobs for women with advantageous credit lines and advisory services through the program, which has been launched by the EBRD, the Delegation of the European Union to Turkey, the Turkish Labor Ministry and the Turkish Employment Agency.
The program is a comprehensive package of financial and technical support for woman entrepreneurs in Turkey to facilitate access to finance and improve competitiveness, said the statement, adding that the framework included dedicated credit lines to commercial banks for subsequent lending to companies run by women. It also includes a risk-sharing mechanism and advice to help these banks better address the financial needs and growth plans of their clients.
“We are glad to launch this program. Women play an important role in the Turkish economy and this initiative is a recognition of their importance and an encouragement to strengthen their role. Securing the strong support of local banks as partners in this program is a massive boost and we will do everything we can to make it a success.,” said Michael Davey, EBRD Country Director for Turkey.
The EBRD will provide 300 million euros in credit lines to interested Turkish banks. Other players are supporting the program with 38 million euros for credit enhancement, advice to small firms and technical assistance to partner banks, according to the statement.
Turkey will be the first country in which the EBRD will implement the Finance and Advice for Women in Business Program. Similar initiatives will be launched in 15 of the countries where the bank invests, said the statement.
“I am pleased that our partners are demonstrating their continued commitment to empowering women. The EU sees this as a primary duty: to eliminate all obstacles to the advancement of women, to combat stereotypes and all forms of discrimination and violence against women, as well as to make swift progress towards full gender equality, be it in the labor market, educational, political or social life,” said Béla Szombati, Deputy Head of the EU Delegation to Turkey.
Meanwhile, Turkey’s Bank of Industrial Development (TSKB) and the EBRD signed a 50 million euro loan deal on Oct. 21 in Istanbul. This was the first sustainable resource investment load provided by the EBRD in Turkey, parties said at the signing ceremony.