$450 million financing from World Bank

ANKARA

Industry Minister Fatih Kacır also announced that the World Bank is providing $450 million in financing for small and medium-sized enterprises (SMEs) in the region affected by the February earthquakes.

“The financing will be provided to the SMEs which were damaged in the quakes. But also, the SMEs which suffered revenue losses will be entitled to the financing,” he said.

This is a new financing, apart from the financing the World Bank approved last month, according to the minister.

The $450 million financing will be provided through the Small and Medium Enterprises Development Organization of Türkiye (KOSGEB), he said.

“The heavily damaged SMEs will receive up to 500,000 Turkish Liras in financing, while the companies which suffered revenue losses will be able to get 120,000 liras.”

The 36-month interest-free financing will have a grace period of 24 months, the minister said.

“Some 10 percent of the financing will be allocated to enterprises which are owned or managed by women,” Kacır said.