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.
Related Articles
UAE's RAKEZ partners with ADIB to ease banking for SMEs and startups
Ras Al Khaimah Economic Zone (RAKEZ) has signed a memorandum of understanding with Abu Dhabi Islamic Bank (ADIB) to simplify bank account opening procedures for its clients, WAM reported. ... more
European Union increases humanitarian aid to Syria to €202mn
The European Union announced on May 27 an increase in humanitarian aid to Syria to more than €202mn for this year, SANA reported. The additional funding will ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
12 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago