World Bank Provided Financing to Turkish Businesses

World Bank Provided Financing to Turkish Businesses The World Bank provided financing to Turkish businesses. $ 300 million of funding was given for micro and small businesses. In the statement made by the World Bank, it was stated that this new project prepared will help prevent the closures of suitable micro and small businesses affected by the negative effects of the coronavirus epidemic in the field of health and economy and help these enterprises protect their employment during the crisis. "Quick Assistance for Micro and Small Businesses in Turkey" which amounts to $ 300 million is applied by the Small and Medium Enterprises Development and Support Administration (KOSGEB), there will be a reimbursable support fund for companies working on production and manufacturing, scientific research and development and on computer programming. The project will provide financing in the form of performance-based reimbursable support to eligible SMEs, including innovative young companies that have been adversely affected by the Covid-19 outbreak but are financially sustainable. In a statement given to the views of the World Bank Country Director for Turkey Auguste Kouame, he gave the following information about the project: “The approach taken by the World Bank Group to support countries with which the Covid-19 pandemic is working to mitigate the effects on economies, companies and employees is to help businesses grow in a sustainable way in the future while countries respond to the immediate effects of the Covid-19 outbreak and lay the foundations for a resilient recovery process by maintaining conditions for job creation. The World Bank, in a manner consistent with this framework, is pleased to contribute to supporting sustainable businesses and employment protection in fragile situation in Turkey” Stefka Slavova, World Bank Chief Economist and Project Task Team Co-Leader, said: “The World Bank provided financing within the scope of this Project will go to micro and small businesses which constitute the main source of employment for poor and bordering households and provide more than 40 percent of employment in the manufacturing sector in Turkey.” According to the information reported, the project focuses particularly on women-owned businesses, while working in line with the 2018-2023 Country Cooperation Framework (CPF), which focuses on three strategic areas identified as growth, inclusion and sustainability.       Source: Bloomberg HT