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Supporting Sekerbank’s activity in rural areas of Turkey
Project
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Signature date
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Location
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Turkey
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Financing tool
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Financing amount (Euro)
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30 000 000,00
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Customer
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Sekerbank T.A.S.
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Type of customer
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Financial institution
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Country of headquarters
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Turkey
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Project number
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PTR1098
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Environmental and social ranking
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IF-A
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a €30 million loan to Sekerbank, a Turkish bank mainly operating in rural areas, to support its development and its gender equality strategy.
Client presentation
Sekerbank was founded in 1953 as a sugar beet cooperative. Today, it is a listed bank with an extensive network of branches (238), mainly in rural areas of Turkey (in Anatolia).
Project description
The financing (€30 million unsecured senior credit line) involves a syndication by FMO with co-financing from Proparco, JICA, BlueOrchard, Finance in Motion and ILX for a total of $150 million. This project is part of a Friendship Facility, with FMO as lead arranger. FMO will also provide €30 million of financing to Sekerbank.
Project impact
The expected impacts of this financing are as follows:
- 21,135 jobs supported over the next 5 years in the companies financed by the bank (indirect jobs) and 44 direct jobs in the bank
- More than 3,743 microenterprises and 656 SMEs supported
- Contribution to gender equality through a commitment to finance companies that qualify for the 2X Challenge (30% of Proparco’s financing). The financing is aligned with the 2X Challenge on the basis of the criteria “0 – Governance”, “2 – Leadership” (35.7% of senior managers are women), “3 – Employment” (53.8% of employees are women), and “6 – Portfolio” (30% of Proparco’s financing will go to women borrowers).