TSKB Signs USD 100 Million Women Employment Loan Agreement with IFC

10 March 2022
- 5 min Read

TSKB signed a loan agreement of USD 100 million with IFC, the World Bank Group member. The loan obtained from IFC will be used to support investments in gender equality and financial inclusion.

The Industrial Development Bank of Turkey (TSKB) provided USD 100 Million from the World Bank Group member IFC (International Finance Corporation) to increase women's access to financing and employment opportunities in Turkey and to promote gender equality practices in companies. In using this financing package, TSKB will take into account companies' practices that include women, in line with gender equality criteria. Businesses that have a certain number of female employees, have female managers in the board of directors or senior management, and have a valid gender equality certification will be able to benefit from this loan.

Commenting on the signed agreement, TSKB CEO Ece Börü remarked: “Women are one of the most vulnerable groups in the face of global risks such as climate change and pandemics. Yet, studies show that women participating in the economy will have a multiplier effect in sustainable development. The rapid inclusion of women from the vulnerable group to the solution-generating group requires an inclusive transformation. The contribution of the finance sector and the real sector in this transformation will undoubtedly be enormous. On the 8th of March, International Women's Day, we are pleased to sign an important funding agreement that increases women's employment with IFC, a longstanding business partner for us. We will continue to take concrete steps towards the equal representation of women in both production and management by contributing to the inclusive transformation of private sector companies.”

Stating that women fall behind men when it comes to access to financing and participating in the formal workforce in Turkey, IFC Turkey and Central Asia Director Wiebke Schloemer said: "Women in Turkey face significant obstacles both as employees and entrepreneurs. Increasing female participation rates in the workforce is not just a moral imperative – it’s also essential to support a sustainable, inclusive economic recovery."