Good news for women in Turkey. The European Bank for Reconstruction and Development is to provide US$ 60 million credit line via Garanti Bank to be entirely dedicated to female owners or managers of small and medium-sized enterprises in Turkey.
Women represent a huge, untapped resource in the Turkish labour market and in the world of business. Turkey has one of the lowest women’s Labour force participation figures among OECD countries, 22.8% of women in Turkey are in the Labour market .
The new credit line will make it easier for female entrepreneurs to access the financing they need to succeed.
It will also provide more support for women who own or manage SMEs outside the main cities of Istanbul, Ankara and Izmir. For this credit line, the EBRD is asking Garanti Bank to extend a larger proportion of loans to female entrepreneurs from outside those three urban centres than it currently does.
The EBRD credit line will form part of Garanti Bank’s existing Women Entrepreneurs Support Package.