Garanti Bank has introduced TL 390 million in financing under a protocol signed yesterday with the International Finance Corporation (IFC) to support women entrepreneurs in Turkey.

According to the statement released by Garanti Bank, the bank has inked a protocol with IFC within the framework of its foreign borrowing program to provide financing support of TL 390 million for women entrepreneurs.

In this context, Garanti will provide financing from TL 50,000 to TL 500,000 for women entrepreneurs with small and medium-sized enterprises (SMEs) with a maturity of up to 36 months and special interest rates.

Garanti Bank General Manager Fuat Erbil stressed that women served as a crucial component of economic development, adding that they attached great importance to increasing the number of women entrepreneurs in Turkey, always expanding their businesses and standing by their side to strengthen their contribution to the economy.

Erbil said that they provided support for women entrepreneurs under four main headings, namely financing, education, encouragement and opening up to new markets.

"As part of the ‘Women Entrepreneurs Executive School' program, we meet the educational needs of women entrepreneurs. On the encouragement side, we play an important role in motivating them with the success stories of other women entrepreneurs through Turkey's Women Entrepreneurs Competition to be held for the 13th time this year," Erbil said, noting that they were pleased to contribute to the women entrepreneurs' opening to new markets through the agreement inked with Eximbank.

He further stressed that they realized a holistic women entrepreneurship program to create resources that would encourage them to meet their financial needs and facilitate their access to financing. "The financial support we have provided to women entrepreneurs in 13 years since 2006 has reached TL 5.5 billion," Erbil said.

"As the first private bank to support women's entrepreneurship in Turkey, we are very much pleased to provide a support package for our women under such favorable conditions in a period when access to finance is very vital. We are confident that the Turkish economy will grow much faster with our women's eagerness to work, entrepreneurial spirit and further participation in employment," Garanti Bank's general manager concluded.