Emergency Firm Support Project

closed

Closed

The Project will focus on supporting viable small and medium sized enterprises that face temporary cash flow disruptions due to lower demand for their products and supply chain problems brought about by the COVID-19 crisis, as well as the businesses that were required to shut down to follow social distancing guidelines. The Project will be implemented by VakifBank and TKYB, two state-owned banks with a strong track record in supporting the enterprise sector, including under World Bank projects. VakifBank will lend directly to enterprises while TKYB will provide financing through wholesale lending. The Project will only support businesses that were in sound financial condition prior to crisis and that are expected to survive the crisis, based on the bank’s credit appraisal process. The World Bank financing provided under the Project, mostly in the form of working capital sub-loans, will help keep these businesses afloat and maintain their employment during the acute phase of the crisis and support a faster recovery when the health situation improves and the economy re-opens.In addition, the Project will support SMEs’ efforts to adapt to the new operating environment by: (i) shifting to alternative working modalities (e.g., going digital, increasing automation); and (ii) investing to increase resilience by introducing crisis management systems or health & safety measures (e.g., reducing contagion risk at the workplace).

FY17 - Financial Sector

World Bank

Project

Warehouse, Forest Products and Packaging, Government