Today’s Zaman - The European Investment Bank’s (EIB) Vice President Matthias Kollatz-Ahnen announced the start of a new loan facility earmarked for Turkey's small and medium-sized enterprises (SME) in Istanbul on Thursday. The EUR 150 million will be provided by the EIB to be locally distributed by two domestic banks, Akbank and Halkbank. SMEs are expected to greatly benefit from this substantial new financing mechanism.
During the launch event for members of the media entitled "Innovative support for recovery and growth of Turkish SMEs", Kollatz-Ahnen spoke with the press and underlined that his bank's three major objectives for SME-related projects in Turkey -- facilitating access to R&D, making better financing available for companies away from the metropolises and, in particular, improved loan repayment terms - - have now entered into a new important phase thanks to this new financing instrument. Mr. Kollatz-Ahnen said that "extended repayment options of up to five years are a key new quality.”