World Bank approves $400M loan for Turkey's project

By Diyar Guldogan

ANKARA

The World Bank's Board of Executive Directors on Tuesday approved a $400 million loan for the inclusive access to finance project in Turkey, according to the bank.

"The Project’s aim is to improve access to longer-term finance for women-inclusive enterprises and enterprises in less developed sub-regions affected by the influx of Syrians Under Temporary Protection (SuTP)," the bank said in a statement.

Johannes Zutt, World Bank's country director for Turkey, said the bank has been working through various channels to expand the availability of long-term finance in Turkey.

"Businesses led by women face particular constraints to obtaining finance, and this project is expected to help participating banks to expand their outreach to such businesses,” Zutt said.

He reiterated that Turkey hosts more than three million Syrians displaced by war.

Syria has been locked in a vicious civil war since early 2011 when the Assad regime cracked down on pro-democracy protests with unexpected ferocity.

"Besides helping women-inclusive businesses, this project also aims to provide better access to finance to businesses active in areas with large refugee communities, thus expanding job opportunities for both the refugees and the Turkish communities that are hosting them," he added.