Turkey's VakıfBank has signed a 1.5 billion euro ($1.7 billion)10-year loan agreement with international financial institutions under a World Bank‑backed programme aimed at boosting access to finance and employment, the bank said in a statement.
Loan backed by a counter‑guarantee from Turkey's Treasury and Finance Ministry.
Includes a partial guarantee from the member of World Bank Group IBRD (International Bank for Reconstruction and Development).
Santander, BNP Paribas, Standard Chartered and ING participated.
Bank says it is the largest funding transaction of its kind in Turkey's banking sector involving international development institutions.
Aims to expand financing for micro, small and medium‑sized enterprises.
Targets economic recovery in earthquake-affected regions and also aiming ease of financing access for women and young entrepreneurs.
($1 = 0.8718 euros)