TIF Makes First Financing Deal In Türkiye With $10M Commitment To Şekerbank

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 10. The Turkic Investment Fund (TIF) has committed $10 million to a five-year syndicated financing facility for Türkiye's Şekerbank T.A.Ş., marking its first financing operation in the country, according to a TIF press release dated November 9.

The $170 million facility, arranged by the Dutch Entrepreneurial Development Bank (FMO), will support Şekerbank's inclusive and sustainable banking activities, expanding access to finance for rural micro, small and medium-sized enterprises (MSMEs), women-owned and women-led businesses, and projects in sustainable agriculture and the green transition.

The syndicate brings together seven international development finance institutions and impact investors along with the Turkic Investment Fund: FMO; Proparco, the private sector financing arm of the French Development Agency (AFD) group; the Development Bank of the Republic of Austria (Oesterreichische Entwicklungsbank AG - OeEB); the Finnish Fund for Industrial Cooperation Ltd (Finnfund); the BlueOrchard Microfinance Fund (BOMF); and responsAbility Investments AG.

Şekerbank was founded in 1953 in Eskişehir with the savings of sugar-beet cooperative farmers. Headquartered in Istanbul and listed on Borsa Istanbul Exchange, the Bank operates 239 branches in 68 provinces. Şekerbank will on-lend the proceeds to small and medium sized enterprises and microenterprises operating in rural areas and engaged in cross-border trade and services, to women-owned and women-led businesses, and to sustainable agriculture and green transition investments.

Ramil Babayev, Director General of the Turkic Investment Fund, pointed out that this loan marks the execution of the first financing operation in Türkiye.

"With this facility, TIF marks its first financing transaction in Türkiye. We are pleased to partner with Şekerbank, whose 73-year banking experience and strong reach among rural MSMEs provide a solid foundation for this cooperation. Our participation brings together two central elements of TIF's mandate: private sector development with financial inclusion and regional economic integration. TIF's financing is earmarked for Şekerbank clients engaged in cross-border trade and services, business expansion and joint ventures with partners in our Member States. We thank Şekerbank for its commitment to these shared objectives and FMO for bringing this syndicate together," Babayev said.

The Turkic Investment Fund (TIF) is the first international financial institution jointly established by the Turkic states, with a mandate to foster economic cooperation, increase intra-regional trade and support sustainable development across the Turkic world. Established by the decision of the Council of Heads of State of the Organization of Turkic States (OTS), TIF finances projects in priority sectors including sustainable MSME development and financial inclusion, physical and digital infrastructure, renewable energy, agriculture, transport and logistics, and cross-border trade. In delivering on its mandate, TIF actively deploys its financing through co-financing and co-investment structures alongside leading multilateral development banks and development finance institutions.

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