The World Bank and Turkey have signed a US$303m Export Finance Intermediation Loan (EFIL) Agreement. The agreement was signed by World Bank's Country Director for Turkey, Andrew Vorkink, Economy Minister Ali Babacan, Treasury Chief Ibrahim Canakci, and TSKB Bank President Halil Eroglu.
The main objective of the EFIL II project is to follow through on the achievement of the EFIL I project that has been successfully implemented during financial years 99-04 and continues to serve as a catalyst to support export and real sector growth in Turkey, the World Bank said in a statement.
To this end, the project will provide medium- and long-term working capital and investment finance to Turkish exporting enterprises. One other main benefit of the proposed project will be fast private sector recovery and job creation, supported by a healthier and more developed financial system.