The European Investment Bank (EIB) has renewed its cooperation with Turkiye Sinai Kalkinma Bankasi (TSKB), with new lines of credit totalling up to EUR 100 million for SMEs and midcaps mainly in manufacturing, trade and services in Turkey.

The finance agreement was signed in Istanbul by EIB President Werner Hoyer, and for TSKB by CEO Mr Özcan Türkakın, in the presence of Mr Orhan Beşkök and Ms Çiğdem İçel, Senior Executive and Executive Vice Presidents respectively.

President Werner Hoyer said: “Turkey is a key partner for the EIB as well as for the European Union as a whole. Our cooperation is excellent and goes back to the early decades of the EU bank's existence. This new deal with TSKB builds upon decades of strong partnership that has allowed the EIB Group to support Turkish SMEs, key engines of growth and jobs, with more than EUR 5 billion in loans in the past five years. The D20 conference, hosted by TSKB, certifies Turkey's global role as a leading member of the G20 and offers the perfect occasion for this renewed cooperation.”

This operation with Turkey’s largest development bank, and the EIB’s longest standing partner in a relationship that goes back more than 40 years, increases the availability and maturity of funding for small and medium-scale entrepreneurs in the country, boosting their growth potential. TSKB has an excellent track record in terms of implementation, allocation and transferring the benefits of EIB facilities.

Since 2010 the EIB Group has supported some 80,000 SMEs with some EUR 10.6 billion shared in equal amounts between the EIB and EIF, in all productive sectors throughout Turkey. Further strong support of EUR 300 million to Turkish SMEs is set to be provided shortly.