Turkey's micro, small and medium-sized enterprises (MSMEs) are to benefit from greater access to finance as the EBRD is extending a new loan to QNB Finansleasing, a leasing subsidiary of the Turkish lender QNB Finansbank.

The Bank is providing a syndicated loan of EUR50 million, of which EUR10 million will be syndicated under the EBRD's A/B loan structure. The financing follows a previous loan of EUR25 million extended in 2018 and comes as medium-term lending in Turkey remains constrained by economic vulnerabilities. The loan will help strengthen the financial sector in the country and contribute to the wider proliferation of leasing.

Although often a viable alternative to bank financing, the share of the Turkish leasing market in the country's GDP is one of the lowest among comparable economies.

The EBRD is a major investor in Turkey. Since 2009 it has invested EUR11.5 billion in various sectors of the Turkish economy, with almost all investment made in the private sector.

(C) 2019 Electronic News Publishing, source ENP Newswire