The loans consist of a combination of EIB funds (80 percent) and European Union grants (20 percent) for concessional financing to smaller Turkish companies. Each of the banks will be granted 75 million euros. EIB Vice President Matthias Kollatz-Ahnen, speaking at the signing ceremony on Friday, said the loans would drive down even further borrowing costs for SMEs. “Lower costs and longer loan terms will increase the resilience of the companies and improve the affordability of their investments to cope with the negative consequences of the global crisis.”
Hülya Kefeli, executive vice president of International Banking at Akbank, expressed satisfaction at being the only private bank chosen to partner with the EIB and the EU Commission in the SME Recovery Loan Facility. “The loan enhances Akbank’s efforts to reach out to SMEs in their period of recovery and strengthen the Turkish economic structure,” she said.
Furthermore, she stressed the possibility of disbursing the loans in Turkish lira, noting that it would be of great convenience to SMEs “keen on limiting their currency risk exposure and reducing their vulnerability to economic fluctuations even further.”
Halkbank General Manager Hüseyin Aydın also said the loan opens a new door for SMEs to access financial resources. “We contend that by duly executing our SME banking mission, Halkbank will provide more productive solutions to SMEs seeking funds by transferring these resources,” he said. Since 2001, Halkbank has signed six protocols with the EIB, acquiring resources totaling 540 million euros, Aydın commented. Almost a thousand SMEs have benefited from these EIB programs, he said, adding that currently the bank has 485 companies as active customers.
