The Industrial Development Bank of Turkey (TSKB) signed a loan agreement of $100 million (TL 1.48 billion) with the International Finance Corporation (IFC), a World Bank Group member that will be used to support investments in gender equality and financial inclusion, the Turkish lender said in a statement Thursday.
The loan is set to be used to increase women's access to financing and employment opportunities in Turkey and to promote gender equality practices in companies.
The TSKB will take into account companies' practices that include women, in line with gender equality criteria while using the financing package, the statement said.
It noted that the 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.
TSKB CEO Ece Börü, commenting on the agreement, said in the official statement that, "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," she said.
The contribution of the finance sector and the real sector in this transformation will undoubtedly be enormous, Börü went on to say, noting that they are pleased to sign the agreement on International Women's Day celebrated on March 8.
"We will continue to take concrete steps toward the equal representation of women in both production and management by contributing to the inclusive transformation of private sector companies," Börü said.
IFC Turkey and Central Asia Director Wiebke Schloemer, for her part, said women fall behind men when it comes to access to financing and participating in the formal workforce in Turkey.
"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," she stressed.