Support from TSKB to Turkish Growth and Innovation Fund

Industrial Development Bank of Turkey(TSKB) has participated in Turkish Growth and Innovation Fund, which was established by Undersecretariat of the Treasury, the Small and Medium Enterprises Development Organization of Turkey (KOSGEB), European Investment Fund (EIF) to support companies which are innovator, technology-oriented and have a potential of rapid growth. Developed as growth and innovation-oriented and being consulted by EIF, Turkish Growth and Innovation Fund has been brought into action in partnership with TSKB, Undersecretariat of the Treasury, KOSGEB and EIF. For Turkish Growth and Innovation Fund, Undersecretariat of the Treasury, KOSGEB, European Investment Fund have made EUR 60m and TSKB has made EUR 20m resource commitment. After getting approvals regarding establishing the fund, with the commitments aforesaid, the first closing is aimed to take place in the amount of EUR 200m. Furthermore, European Investment Fund is expected to commit EUR 60m to the fund. Being a follow-up of Istanbul Venture Capital Initiative (iVCi), Turkish Growth and Innovation Fund is planned to be Turkey’s next generation of Funds of Funds. Özcan Türkakın says “We have diversified financing support to entrepreneurial companies by participating in Turkish Growth and Innovation Fund.” Özcan Türkakın, CEO of TSKB, states: “We are pleased to diversify financing support to entrepreneurial companies in sectors that will add value to the Turkish economy by participating in Turkish Growth and Innovation Fund. In line with development banking’s mission, we hope that by means of this channel, there will be a new aspect and opportunity to the activities we are carrying out to help Turkey improve and develop and we wish that successful outcomes would encourage other players and be an example for them.