YKL SME COVID

active

The project is a senior unsecured loan of up to US$50 million to Yapi Kredi Finansal Kiralama A.O (“YKL” or the “Company”), an existing IFC client in Turkey. The proposed project will enable the Company to provide long-term financing to sustain the operations of small and medium enterprises (SMEs) affected by the Covid-19 pandemic on the economy and continue supporting SME clients engaged in critical sectors during the outbreak, such as healthcare, production of medical equipment, food production, packaging, e-commerce and logistics . Furthermore, some portion of the loan proceeds may also be used to support climate-related initiatives of the affected SMEs.Established in 1987, YKL is a fully owned subsidiary (99.99%) of Yapi Kredi Bank (“YKB”), the third largest private bank in Turkey by assets. The Company benefits from the extensive network of YKB, its client base, underwriting procedures and risk management policies.