Luxembourg, 04/01/2008 (Agence Europe) - On 21 December, Finansbank secured a €100 million loan from the European Investment Bank. With this first global loan deal with Finansbank, the EIB will enlarge its network of cooperation with local banks to finance small and medium-sized enterprises (SMEs) in Turkey.
Established in 1987, Finansbank is today one of the leading private commercial banks in Turkey, operating through an extensive network of some 265 branches across the country. Cooperation with the EIB will help Finansbank to penetrate the market more effectively and reach out to more businesses.
Global loans are credit lines to financial intermediaries - EIB partner banks that on-lend EIB funds under their own management, at their own risk and on their own conditions but which benefit from the EIB's favorable lending terms. This type of lending is used by the EIB to finance small and medium-sized projects involving a total investment of more than €40 000 but less than €25 million.
The new loan confirms EIB's commitment to supporting Turkey's economic growth and helping this country prepare for EU membership. (O.L.)