Ziraat Bank signed another agreement of 100 million Euro with European Investment Bank (EIB) in order to finance small and medium enterprises (SME) at their hard times. The fund will be available in TRY and foreign currencies.
The first segment of the new source is the loan of 8 years with first 3 years non-refundable. The second segment of the project is expected to be signed and implemented within 2017. With this new fund, Ziraat Bank took more than 800 million USD from EIB for the real sector financing since 2010.
The amount of funds Ziraat Bank provided SME will be more than 2 billion USD in 2017, after this new project is applied.
7 Agreements in 4 Years
Ziraat Bank Treasury Management and International Banking Deputy General Manager Bilgehan Kuru declared that this fund shows the trust Europe put in Turkey and the access to foreign funds and sources will continue without any interruption. He said they are trying to reflect the trust EIB has for Turkey to SME in need by providing them financial support.
He mentioned they are thinking about increasing the opportunity of foreign loans for SME, just like domestic loans. This is the seventh agreement Ziraat Bank has made in the last 4 years with European Investment Bank and this is the outcome of successful relations and cooperation between the two institutions.
At the end of his speech Kuru stated that their aim is to ensure stable growth and increasing employment rates and these are possible with supporting small and medium enterprises in the long term.