EIB, 150 mln to SMEs and mid-caps companies

The European Investment Bank (EIB) is renewing its support for small and medium-sized enterprises (SMEs) and mid-sized companies (mid-caps) in Turkey, with a 150 million euros loan to Akbank T.A.S. The EIB loan will support investments in tangible or intangible assets, as well as working capital. Investments will be made in new projects or the modernisation/expansion of existing businesses, mainly in the fields of manufacturing, services and tourism. The operation will enable Akbank to further improve the conditions offered to the final beneficiaries, especially in terms of the maturity of the loans provided. SMEs can receive loans for projects costing less than 25 million euros, whereas mid-caps can do so for projects costing up to 50 million euros. ''Support for Turkey's vibrant small and middle-sized private sector remains a priority for the European Investment Bank'' EIB Vice-President Pim van Ballekom commented on this occasion at the EIB's headquarters in Luxembourg. ''To this end - van Ballekom added - we are pleased to renew the successful cooperation with our banking partner Akbank. The expected economic benefits of our support are significant in terms of job maintenance and private sector development in Turkey, as SMEs - numbering 1.9 million companies - are the largest sector of the Turkish economy and constitute the biggest provider of employment''