What we do
Equity products
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
Pan-European Venture Capital Fund(s)-of-Funds programme
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
Debt products
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
EREM debt products
Single EU Debt Financial Instrument
COSME - Loan Guarantee Facility
InnovFin SME Guarantee Facility
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Asset Management Umbrella Fund (AMUF)
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund (BIF)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
EAFRD FoF Romania
European Recovery Programme (ERP)
ERP-EIF Co-Investment Growth Facility
Competitiveness Fund-of-Funds for SMEs in Romania
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
ESIF Fund-of-Funds Greece
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
EstFund
FOSTER TPE-PME Occitanie
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
JEREMIE
LfA-EIF Facility
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)

EU Employment and Social Innovation Programme makes available loans of EUR 20 million for micro-enterprises in Turkey via Fibabanka

  •  
    Date: 25 October 2018

The European Investment Fund (EIF) and Turkish bank Fibabanka have signed a guarantee agreement aimed at supporting micro-enterprises under the EU Programme for Employment and Social Innovation (EaSI) for the first time in Turkey.

This EaSI guarantee agreement will cover a loan portfolio of EUR 20 million for around 5,000 micro-borrowers, who will be able to benefit from loans on attractive terms.

Commenting on the transaction, Marianne Thyssen, EU Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: “This guarantee agreement will support a total of 5,000 micro-entrepreneurs through loans on attractive terms. This financial support is important for many entrepreneurs who wish to start-up or develop their own business and it is also an excellent way to promote growth and job creation."

Turkish Minister of Foreign Affairs H.E. Mr. Mevlüt Çavuşoğlu said “I am delighted with the conclusion of the “credit guarantee agreement” between Fibabanka and the European Investment Fund under the Microfinance and Social Entrepreneurship axis of the EaSI Programme. The EaSI Programme in Turkey is coordinated by the Directorate of EU Affairs affiliated to my Ministry. The Financing Agreement will facilitate, nearly 5,000 micro enterprises having difficulty in access to finance, using credit in more favourable conditions.  Fibabanka's success in the due diligence process prior to the agreement, conducted by the European Investment Fund, indicates that the Turkish banking system is strong and functioning at the international standards. Participation to the EaSI Programme, provided Turkey the opportunity to work with European stakeholders to align with the EU acquis in the field of social policy. EaSI Programme also contributes to the flourishing of micro-finance and social entrepreneurship in Turkey.

Ömer Mert, CEO of Fibabanka, stated: “We put a specific focus on micro enterprises and SMEs which are the backbone of the economy. Our aim is to provide continuous support to the entrepreneurs as well as the micro-enterprises who wish to develop their business. In line with this vision, Fibabanka has become the first and only Turkish bank to sign the EU Programme for Employment and Social Innovation (EaSI) guarantee agreement with the European Investment Fund. The micro enterprises who seek financial support may apply to Fibabanka for a loan under EaSI Programme. We are proud to be a part of this EU funded programme whose objective is to promote sustainable and high level of quality employment and we are happy to support the micro enterprises through this facility.”

EIF is not providing direct financial support to enterprises but is implementing the facility through local financial intermediaries, such as microfinance, social finance and guarantee institutions, as well as banks active across the 28 EU Member States and additional countries that are participating in the EaSI programme.

About Fibabanka

Fibabanka A.Ş. was acquired by Fiba Group in 27/12/2010, the bank offers Corporate, Commercial, SME, Micro, Agricultural, Retail and Private banking services through 79 branches located in Adana, Ankara, Antalya, Aydın, Bursa, Denizli, Diyarbakır, Düzce, Eskişehir, Gaziantep, İçel, İstanbul, İzmir, Kayseri, Kocaeli, Konya, Manisa, Muğla, Şanlıurfa, Tekirdağ and Trabzon.

About the EU Programme for Employment and Social Innovation

The EU Programme for Employment and Social Innovation (EaSI) aims at supporting the EU's objective of high level employment, adequate social protection, fighting against social exclusion and poverty and improving working conditions. The EaSI guarantee scheme was launched in June 2015 and is funded by the European Commission and managed by the European Investment Fund.

It provides support to financial intermediaries that offer microloans to entrepreneurs or finance to social enterprises. The objective is to increase access to microfinance for vulnerable groups who want to set up or develop their business and micro-enterprises, through notably loans of up to EUR 25 000. In addition, for the first time, the European Commission is helping social enterprises through investments of up to EUR 500 000. The microfinance and social entrepreneurship support is currently being implemented through the EaSI guarantee, which enables financial intermediaries to reach out to micro-entrepreneurs and social enterprises that would not have been able to gain finance otherwise due to risk considerations.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

More information on EU microfinance and social entrepreneurship support is available under:

EaSI Programme

EU support to social entrepreneurship

Press contacts:

EIF:
David Yormesor
Tel: + 352 24 85 81 346
E-Mail: d.yormesor@eif.org

Bersay İletişim Danışmanlığı:
Sinem Sünör Kutlu
Tel: 0553 617 58 39
E-mail: sinem.kutlu@bersay.com.tr

European Commission:
Sara Soumillion
Tel : + 32 (0)2 29 67 094
E-Mail: sara.soumillion@ec.europa.eu

 

We use cookies to give the best browser experience on our website. or change cookie settings.


 
 

Copyright ©

 European Investment Fund 2017 – The European Investment Fund is not responsible for the content of external internet sites.