The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed a $10 million loan facility to Garanti Leasing in Turkey.
Garanti Leasing is the leasing subsidiary of Garanti Bank, one of the largest private sector banks in that country. The bank will use the loan for on-lending to private Turkish firms.
"Leasing companies play a critical role in providing vital long-term funding for private capital investment in Turkey," said IFC director for Global Financial Markets, Declan Duff. "This latest IFC loan aims to use established leasing companies such as Garanti Leasing to boost the availability of funding for this type of expenditure."
Turkey accounts for about five percent of IFC's global investment commitments – its third largest country exposure. IFC's committed portfolio to the country, including amounts mobilized from commercial banks, amounted to $968.5 million as of end-December 2003. — (menareport.com)
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