İşbank gets 250 mln euro loan from EIB
Güncelleme Tarihi:
Anatolia News Agency
Oluşturulma Tarihi: Nisan 15, 2009 00:00
ISTANBUL - İşbank, Turkey’s biggest bank by assets, has agreed to a loan of 250 million euros from the European Investment Bank, or EIB.
The 12-year loan will be used to finance lending to small- and medium-sized enterprises, or SMEs, the Istanbul-based İşbank announced Monday. Speaking at the signing ceremony for the loan deal, İşbank Managing Director Ersin Özince said long-term resources attained at low costs would contribute significantly to the banking sector’s increased support of the real sector.
Loans such as the one obtained from the EIB will bring both diversity and stability into Turkish banking, he said. "We aim to support economic growth and the creation of employment with such loans."
Within the scope of the loan deal, small- and medium-sized enterprises, and public or private firms operating in the fields of infrastructure, environmental protection, efficient energy, health care and education will be financed. Noting that deposits are the most significant resource-creating tools for banks, Özince said syndicated loans constitute a substantial proportion of the resources in foreign currency.
"Securitization, repos and similar transactions are more disadvantaged in times of crisis," he said. In response to a question about expectations following the Group of 20 summit in London, Özince said: "I expect Turkey will perform well in the economy. However, Turkey should have an economy that allows no surprises and increases its credit rating."
The EIB is prioritizing support of SMEs in its Turkey aid schedule to increase the robustness of the country's economy, said Alain Terraillon, EIB representative in Turkey. EIB may offer loans of between 2.5 billion and 2.7 billion euros this year, he said.
Loans such as the one obtained from the EIB will bring both diversity and stability into Turkish banking, he said. "We aim to support economic growth and the creation of employment with such loans."
Within the scope of the loan deal, small- and medium-sized enterprises, and public or private firms operating in the fields of infrastructure, environmental protection, efficient energy, health care and education will be financed. Noting that deposits are the most significant resource-creating tools for banks, Özince said syndicated loans constitute a substantial proportion of the resources in foreign currency.
"Securitization, repos and similar transactions are more disadvantaged in times of crisis," he said. In response to a question about expectations following the Group of 20 summit in London, Özince said: "I expect Turkey will perform well in the economy. However, Turkey should have an economy that allows no surprises and increases its credit rating."
The EIB is prioritizing support of SMEs in its Turkey aid schedule to increase the robustness of the country's economy, said Alain Terraillon, EIB representative in Turkey. EIB may offer loans of between 2.5 billion and 2.7 billion euros this year, he said.