World Bank Approves USD 250 Million Loan Package for Development and Investment Bank of Türkiye
The World Bank’s Board of Executive Directors approved a USD 250 million loan to Development and Investment Bank of Türkiye for the Emergency Firm Support Project, developed for SMEs affected by the COVID-19 pandemic. Backed by a guarantee from the Ministry of Treasury and Finance, the World Bank loan aims to meet SMEs’ working-capital needs and support them in adapting to the new working environment and financing investment expenditures.
Continuing its efforts to bring new resources into the economy, Development and Investment Bank of Türkiye announced the approval of the new World Bank-funded loan package. The USD 250 million facility is intended to mitigate the impact of the COVID-19 pandemic on SMEs.
Through the USD 250 million World Bank loan, Development and Investment Bank of Türkiye will support SMEs—the backbone of the economy—with fewer than 250 employees. Although no sectoral restriction will apply, priority will be given to companies with a high proportion of women employees, companies that contracted by 20% or more compared with the second quarter of the previous year, companies that normally face difficulty accessing finance, and companies developing new products, services and technologies.
Development and Investment Bank of Türkiye stated that businesses wishing to benefit from the loan package would be able to submit applications through intermediary banks and financial institutions to be announced at a later