Long Term Export Finance

Abstract*

The development objective of Long Term Export Finance Project for Turkey is to improve access to longer term finance for export oriented small, medium and large enterprises.This project has two components. 1) The first component, Eximbank will on-lend funds through Project Financial Intermediaries (PFIs) to Small and Medium Enterprises (SMEs) and Large Enterprises (LEs), Eximbank will select PFIs according to criteria agreed upon with the World Bank... Show More

Development Objective

The Project Development Objective (PDO) is to improve access to longer term finance for export oriented small, medium and large enterprises.

Key Details

Project Details

Project ID
P156252
Status
Closed
Team Leader
Birgitte Berg , Alper Oguz
Borrower 2
Turkiye Ihracat Kredi Bankasi (Turk Eximbank)

Country
Turkiye
Disclosure Date
March 9, 2016
Approval Date
(as of board presentation)
July 18, 2016
Effective Date
February 21, 2017

Total Project Cost 1
US$ 300.00 million
Implementing Agency
Turkiye Ihracat Kredi Bankasi (Turk Eximbank)
Region
Europe and Central Asia
Fiscal Year 3
2017

Commitment Amount
US$ 300.00 million
Environmental Category
F
Environmental and Social Risk
Not Applicable
Closing Date
January 31, 2021

Consultant Services required
No
Last Stage Reached
BANK APPROVED
Last Update Date
July 22, 2021

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Private Sector Development

FY17 - Enterprise Development100%
- FY17 - MSME Development100%
FY17 - Jobs100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	300.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	300.00
IDA Commitment	N/A
IBRD + IDA Commitment	300.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	300.00

Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025

No data available.

Detailed Financial Activity as of July 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jul 15, 2018	IBRD-86300	Int Charges	2,757,168.20
Jun 7, 2018	IBRD-86300	Loan Disb	37,000,000.00
Jul 15, 2018	IBRD-86300	Int Charges	16,780.83
Jul 15, 2018	IBRD-86300	Int Charges	133,621.94
Jul 15, 2024	IBRD-86300	Int Charges	64,215.17
Jul 15, 2024	IBRD-86300	Int Charges	9,659,002.00
Jul 15, 2024	IBRD-86300	Loan Repay	9,990,000.00
Jul 26, 2016	IBRD-86300	Loan Commitment	300,000,000.00
Jan 15, 2024	IBRD-86300	Int Charges	9,933,387.00
Jan 15, 2024	IBRD-86300	Loan Repay	9,990,000.00
Jan 15, 2024	IBRD-86300	Int Charges	128,138.56
Jan 15, 2023	IBRD-86300	Int Charges	340,467.56
Jan 15, 2023	IBRD-86300	Int Charges	6,350,532.00
Jul 15, 2023	IBRD-86300	Int Charges	394,407.97
Jul 15, 2023	IBRD-86300	Int Charges	8,387,586.50
Jul 15, 2022	IBRD-86300	Int Charges	1,868,593.60
Jan 15, 2022	IBRD-86300	Int Charges	1,502,666.60
Jan 15, 2021	IBRD-86300	Int Charges	1,748,000.00
Jul 15, 2021	IBRD-86300	Int Charges	1,613,916.60
Jan 15, 2020	IBRD-86300	Int Charges	4,600,000.00
Jul 15, 2020	IBRD-86300	Int Charges	4,019,166.80
Jan 15, 2019	IBRD-86300	Int Charges	9,630.14
Jan 15, 2019	IBRD-86300	Int Charges	93,476.52
Jan 15, 2019	IBRD-86300	Int Charges	1,309.93
Jan 15, 2019	IBRD-86300	Int Charges	5,042,469.00
Jul 15, 2019	IBRD-86300	Int Charges	5,520,500.00
Feb 21, 2017	IBRD-86300	Loan Disb	750,000.00
Feb 21, 2017	IBRD-86300	Fee Charges	750,000.00
Jul 15, 2017	IBRD-86300	Int Charges	406,059.06
Jul 15, 2017	IBRD-86300	Int Charges	6,210.02
Nov 27, 2017	IBRD-86300	Loan Disb	50,000,000.00
Oct 18, 2017	IBRD-86300	Loan Disb	55,000,000.00
Jun 9, 2017	IBRD-86300	Loan Disb	50,000,000.00
Feb 2, 2018	IBRD-86300	Loan Disb	33,000,000.00
Apr 30, 2018	IBRD-86300	Loan Disb	53,000,000.00
Jul 24, 2018	IBRD-86300	Loan Disb	21,250,000.00
Jan 15, 2018	IBRD-86300	Int Charges	12,328.78
Jan 15, 2018	IBRD-86300	Int Charges	91,171.22
Jan 15, 2018	IBRD-86300	Int Charges	263,815.06
Jan 15, 2018	IBRD-86300	Int Charges	873,748.06
Jul 15, 2018	IBRD-86300	Int Charges	104,768.83

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Procurement	Satisfactory	2020-10-27
Project Management	Satisfactory	2020-10-27
Progress towards achievement of PDO	Moderately Satisfactory	2020-10-27
Financial Management	Moderately Satisfactory	2020-10-27
Monitoring and Evaluation	Moderately Satisfactory	2020-10-27
Overall Implementation Progress (IP)	Moderately Satisfactory	2020-10-27

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 07-22-2021
Outcomes	Moderately Satisfactory
Risk to Development Outcome
Bank Performance	Moderately Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW:	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Modest	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Ratio of the average maturity of SME sub-financing under the project, over the average maturity of the PFIs' SME portfolio not financed under the project.	Value	1	2.24	>1.00
	Date	July 25, 2016	December 31, 2020
	Comment

Ratio of the average maturity of LE sub-financing under the project, over the average maturity of the PFIs? LE portfolio not financed under the project.	Value	1	1.46	>1.00
	Date	July 25, 2016	December 31, 2020
	Comment

Number of SME beneficiaries financed by PFIs under the project (cumulative). Value 0.00 205.00 85.00
Date July 25, 2016 December 31, 2020
Comment
Number of LE beneficiaries financed by PFIs under the project (cumulative). Value 0.00 46.00 10.00
Date July 25, 2016 December 31, 2020
Comment
Volume of Bank support (cumulative, US$ million). Value 0.00 300.00 100.00
Date July 25, 2016 December 31, 2020
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of active PFIs under the project (cumulative). Value 0.00 9.00 4.00
Date July 25, 2016 December 31, 2020
Comment
Percent of SMEs receiving sub-finance by Eximbank that are new exporters. Value 0.00 11.80 0.00
Date July 25, 2016 December 31, 2020
Comment
Based on Core Indicator: Volume of Bank Support: Lines of Credit - SME (cumulative, US$ million). Value 0.00 203.28 60.00
Date July 25, 2016 December 31, 2020
Comment
Citizen Engagement: SMEs and LEs that feel project sub-finance reflected their needs. Value 0.00 47.00 0.00
Date July 25, 2016 December 31, 2020
Comment
Export multiplier: Ratio of the export growth of SMEs and LEs under the project relative to the export growth of their equivalent sector. Value 0 1.49 >1.00
Date July 25, 2016 December 31, 2020
Comment
Compliance with prudential regulation. Value Yes Yes Yes
Date September 30, 2015 December 31, 2020
Comment
Based on Core Indicator: Outstanding SME finance portfolio (US$ million). Value n/a 16,083.00
Date July 25, 2016 December 31, 2020
Comment
Based on Core Indicator: Portfolio Quality: Portfolio at risk (%). Value 0.3 0.0
Date September 30, 2015 December 31, 2020
Comment
Based on Core Indicator: Number of active SME finance accounts (not cumulative). Value n/a 729,109
Date July 25, 2016 December 31, 2020
Comment
Outstanding export finance portfolio (US$ million). Value n/a 26,653.40
Date July 25, 2016 December 31, 2020
Comment
Number of active export finance accounts (not cumulative). Value n/a 31,862
Date July 25, 2016 December 31, 2020
Comment
Gender: Percent of SME and LE beneficiaries financed under the project with at least 15 percent female participation in their workforce. Value 0 31
Date July 25, 2016 December 31, 2020
Comment
Based on Core Indicator: Financial Sustainability: Return on Equity (%) Value 10.4 13.83
Date September 30, 2015 December 31, 2020
Comment
Based on Core Indicator: Financial Sustainability: Return on Assets (%)(Percentage) Value 1.2 1.90
Date September 30, 2015 December 31, 2020
Comment

Number of SME beneficiaries financed by PFIs under the project (cumulative).	Value	0.00	205.00	85.00
	Date	July 25, 2016	December 31, 2020
	Comment

Export multiplier: Ratio of the export growth of SMEs and LEs under the project relative to the export growth of their equivalent sector.	Value	0	1.49	>1.00
	Date	July 25, 2016	December 31, 2020
	Comment

Compliance with prudential regulation.	Value	Yes	Yes	Yes
	Date	September 30, 2015	December 31, 2020
	Comment

Based on Core Indicator: Outstanding SME finance portfolio (US$ million).	Value	n/a	16,083.00
	Date	July 25, 2016	December 31, 2020
	Comment

Based on Core Indicator: Number of active SME finance accounts (not cumulative).	Value	n/a	729,109
	Date	July 25, 2016	December 31, 2020
	Comment

Outstanding export finance portfolio (US$ million).	Value	n/a	26,653.40
	Date	July 25, 2016	December 31, 2020
	Comment

Number of active export finance accounts (not cumulative).	Value	n/a	31,862
	Date	July 25, 2016	December 31, 2020
	Comment

Based on Core Indicator: Financial Sustainability: Return on Equity (%)	Value	10.4	13.83
	Date	September 30, 2015	December 31, 2020
	Comment

Based on Core Indicator: Financial Sustainability: Return on Assets (%)(Percentage)	Value	1.2	1.90
	Date	September 30, 2015	December 31, 2020
	Comment