İşbank receives USD 100 million of new funding for SMEs

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İşbank signed a new loan agreement with the Asian Infrastructure Investment Bank (AIIB) for USD 100 million with a maturity of 5 years. The loan will be used to finance the liquidity needs of small and medium-sized enterprises (SMEs), the driving force of our country’s economy, and to strengthen their working capital. 

In addition to the total funding of USD 227 million obtained by İşbank from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) last month for green transformation and sustainability-oriented areas, this funding from the AIIB will contribute to the economic development of our country by meeting the financing needs of SMEs.

In her statement on the development, İşbank Deputy CEO Gamze Yalçın emphasized that in the current economic conjuncture, where high-level increases in energy prices and disruptions in supply chains are experienced, and the effects of the Covid-19 outbreak on the economy continue, it is important to make the long-term resource they received from the AIIB available to SMEs. 

“The loan will have a positive impact on increasing the financial resilience of businesses and creating new jobs” 

Stating that this resource will positively affect the increase in the financial resilience of enterprises and the creation of new employment opportunities, Yalçın said, “This loan, which is an indicator of the confidence in İşbank in international markets, is the first transaction of İşbank with the AIIB. We are very pleased that a reputable institution such as the AIIB has joined the list of international financial institutions with which our Bank cooperates. We believe that the relationship with the AIIB will continue to strengthen in the coming periods.”

“The resource exemplifies our commitment to support member states”

Najeeb Haider, Director General of the Asian Infrastructure Investment Bank, stated “this transaction, which falls under AIIB’s Covid-19 Recovery Facility, exemplifies our capacity and willingness to undertake countercyclical lending to support our members and clients. We are very pleased to partner with İşbank, the largest private bank of Türkiye, and to provide funding for SMEs, the backbone of the Turkish economy, during these markedly challenging circumstances. This transaction, we expect, represents the beginning of a long and mutually beneficial relationship between our two institutions.”