IFC extends $30 million loan to Turkey's Koçlease
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has announced the signing of a $30 million loan facility to Koç Finansal Kiralama (Koçlease) one of the largest and best performing leasing companies in Turkey.
The loan will increase the availability of long term funding, which Turkish private sector companies need to support their growth strategies, stated a press release. The investment extends IFC's long-standing, successful collaboration with the Turkish leasing industry and in particular with the Koç group. Koçlease is a subsidiary of Koç Financial Services, which is owned by Koç Holding of Turkey and Unicredito Italiano of Italy.
Since its establishment in 1995, Koçlease has provided long-term financing primarily to export-oriented small and medium-sized industrial companies. Koçlease sells its leasing products through the branch network of Koçbank which also belongs to Koç Financial Services Group.
IFC's portfolio in Turkey, including amounts mobilized from commercial banks, stood at $968.5 million as of December 2003. Turkey accounts for about five percent of IFC's global investment commitments and is IFC's third-largest country exposure. — (menareport.com)
© 2004 Mena Report (www.menareport.com)