Japan International Cooperation Agency (JICA) has signed an agreement to award a $300mn loan to the Small and Medium Enterprises Development Organization of Turkey (KOSGEB) to support micro and small enterprises (MSEs) affected by the COVID-19 pandemic.
Support financing will be disbursed to MSEs electronically nationwide through KOSGEB’s network, JICA said in a statement.
MSEs represent 99% of all firms in Turkey and account for 57% of total employment, 45% of total revenues and 38% of total exports, yet their access to finance is constrained, making them particularly vulnerable to a tightening of financing conditions, it added.
Government-imposed partial lockdowns and stay-at-home measures to limit the spread of COVID-19 are affecting the ability of many firms to do business, particularly in the manufacturing sector, the agency stressed.
Amid the resurgence of coronavirus cases in the country, the Turkish government last week announced a raft of measures, including an extended evening curfew on weekdays and nationwide weekend lockdowns that are likely to hurt businesses, particularly small and medium sized companies.
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