Project Name：EBRD Financial Intermediary Investment Special Fund—Small Business Account—Phase III—Subproject 2: VakifBank Syndicated Loan(Turkey)

Project status：Completed projects

Cooperating Country：West and Central Asia, Turkey

Project Description：

The project is a USD63 million syndicated loan facility to Vakif Bank for on-lending to micro, small and medium-sized enterprises (MSMEs) operating outside the main Turkish cities. The proceeds of the EBRD funds will be used to finance the investments of small companies operating. The funds will also have a positive impact on the Turkish banking sector, providing access to longer term financing.

Implementation Start Date：2010-06-18

Implementation End Date：2015-06-15

Project Objectives：It is anticipated that this project will provide loan facility to Vakif Bank for on-lending to micro, small and medium-sized enterprises (MSMEs),facilitating the economic development in the Repubic of Turkey.  In particular, it will benefit the enterpise of the econmically depressed region in Turkey.

Executing Agency：Vakif Bank

Implementation Arrangement：The loan facility is for Vakif Bank to on-lend to micro, small and medium-sized enterprises (MSMEs).

Signing Date：2010-06-18

Projected Benefits：The project will in crease the financial intermediation in Turkish banking sector and will facilitate MSME's access to financing.