| Financier | Commitments |
|---|---|
| International Bank for Reconstruction and Development | 500.00 |
Emergency Firm Support Project
Abstract*
The Project will focus on supporting viable small and medium sized enterprises that face temporary cash flow disruptions due to lower demand for their products and supply chain problems brought about by the COVID-19 crisis, as well as the businesses that were required to shut down to follow social distancing guidelines. The Project will be implemented by VakifBank and TKYB, two state-owned banks with a strong track record in supporting the enterprise... Show More
Development Objective
The Project Development Objective is to ensure access to finance for private SMEs affected by or adapting to the economic impact of COVID-19
Key Details
Project Details
P174112
Active
Birgitte Berg , Etkin Ozen
Türkiye Vak?flar Bankas? T.A.O. (Vak?fBank),Türkiye Kalk?nma ve Yat?r?m Bankas? A.?. (TKYB)
June 18, 2020
(as of board presentation)
August 28, 2020
December 19, 2020
US$ 500.00 million
Türkiye Kalk?nma ve Yat?r?m Bankas? A.?. (TKYB),Türkiye Vak?flar Bankas? T.A.O. (Vak?fBank)
2021
US$ 500.00 million
N/A
Moderate
June 30, 2025
No
BANK APPROVED
January 10, 2024
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | 500.00 |
| IDA Commitment | N/A |
| IBRD + IDA Commitment | 500.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 500.00 |
Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Sep 20, 2023 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Mar 1, 2023 | IBRD-91580 | Int Charges | 2,851,961.80 |
| Mar 1, 2023 | IBRD-91580 | Int Charges | 169,286.81 |
| Nov 14, 2022 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Sep 1, 2022 | IBRD-91580 | Int Charges | 220,828.77 |
| Sep 1, 2022 | IBRD-91580 | Int Charges | 852,293.60 |
| Mar 30, 2021 | IBRD-91590 | Loan Disb | 10,000,000.00 |
| Jan 6, 2021 | IBRD-91590 | Loan Disb | 625,000.00 |
| Jan 6, 2021 | IBRD-91590 | Fee Charges | 625,000.00 |
| Sep 1, 2021 | IBRD-91580 | Int Charges | 6,904.10 |
| Sep 1, 2021 | IBRD-91580 | Int Charges | 40,975.90 |
| Sep 1, 2021 | IBRD-91580 | Int Charges | 287,815.06 |
| Sep 1, 2021 | IBRD-91580 | Int Charges | 176,844.42 |
| Dec 19, 2020 | IBRD-91580 | Fee Charges | 625,000.00 |
| Jan 12, 2021 | IBRD-91580 | Loan Disb | 21,000,000.00 |
| Mar 1, 2021 | IBRD-91580 | Int Charges | 2,137.50 |
| Mar 1, 2021 | IBRD-91580 | Int Charges | 186,028.34 |
| Dec 19, 2020 | IBRD-91580 | Loan Disb | 625,000.00 |
| Jun 28, 2022 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Mar 1, 2022 | IBRD-91580 | Int Charges | 283,122.44 |
| Mar 1, 2022 | IBRD-91580 | Int Charges | 168,524.83 |
| Mar 23, 2022 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| May 2, 2022 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Apr 14, 2022 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Mar 27, 2022 | IBRD-91580 | Loan Disb | -786,677.10 |
| Mar 27, 2022 | IBRD-91580 | Loan Disb | 786,677.10 |
| Aug 28, 2020 | IBRD-91580 | Loan Commitment | 250,000,000.00 |
| Aug 28, 2020 | IBRD-91590 | Loan Commitment | 250,000,000.00 |
| Apr 15, 2024 | IBRD-91590 | Int Charges | 126,095.77 |
| Apr 15, 2024 | IBRD-91590 | Int Charges | 5,304,885.50 |
| Mar 1, 2024 | IBRD-91580 | Int Charges | 30,559.93 |
| Mar 1, 2024 | IBRD-91580 | Int Charges | 8,192,019.00 |
| Apr 15, 2022 | IBRD-91590 | Int Charges | 355,753.10 |
| Apr 15, 2022 | IBRD-91590 | Int Charges | 248,535.97 |
| Oct 15, 2021 | IBRD-91590 | Int Charges | 1,095.89 |
| Oct 15, 2021 | IBRD-91590 | Int Charges | 5,348.55 |
| Oct 15, 2021 | IBRD-91590 | Int Charges | 261,134.44 |
| Oct 15, 2021 | IBRD-91590 | Int Charges | 307,092.90 |
| Apr 15, 2021 | IBRD-91590 | Int Charges | 2,492.18 |
| Oct 3, 2023 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Oct 19, 2023 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Oct 27, 2023 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Sep 27, 2023 | IBRD-91580 | Loan Disb | 20,000,000.00 |
| Sep 1, 2023 | IBRD-91580 | Int Charges | 150,027.40 |
| Sep 1, 2023 | IBRD-91580 | Int Charges | 4,464,453.50 |
| May 23, 2023 | IBRD-91580 | Loan Disb | 17,000,000.00 |
| Apr 15, 2021 | IBRD-91590 | Int Charges | 268,775.62 |
| May 26, 2021 | IBRD-91590 | Loan Disb | 40,000,000.00 |
| Jun 8, 2022 | IBRD-91590 | Loan Disb | 30,000,000.00 |
| Apr 15, 2023 | IBRD-91590 | Int Charges | 82,342.45 |
| Apr 15, 2023 | IBRD-91590 | Int Charges | 166,755.12 |
| Apr 15, 2023 | IBRD-91590 | Int Charges | 3,187,571.50 |
| Nov 4, 2022 | IBRD-91590 | Loan Disb | 40,000,000.00 |
| Oct 15, 2022 | IBRD-91590 | Int Charges | 223,394.70 |
| Oct 15, 2022 | IBRD-91590 | Int Charges | 1,207,553.00 |
| Oct 15, 2023 | IBRD-91590 | Int Charges | 162,161.80 |
| Oct 15, 2023 | IBRD-91590 | Int Charges | 3,972,036.00 |
| Dec 6, 2023 | IBRD-91590 | Loan Disb | 40,000,000.00 |
| Oct 15, 2023 | IBRD-91590 | Int Charges | 63,135.91 |
| Apr 15, 2024 | IBRD-91590 | Int Charges | 41,839.06 |
| Nov 14, 2023 | IBRD-91580 | Loan Disb | 11,375,000.00 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Overall Implementation Progress (IP) | Satisfactory | 2025-01-29 |
| Progress towards achievement of PDO | Satisfactory | 2025-01-29 |
| Procurement | Satisfactory | 2025-01-29 |
| Financial Management | Satisfactory | 2025-01-29 |
| Monitoring and Evaluation | Satisfactory | 2025-01-29 |
| Project Management | Satisfactory | 2025-01-29 |
COMPLETION RATINGS
No data available.
INDEPENDENT EVALUATION RATINGS
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Number of SMEs financed under the Project (cumulative) Value 0.00 555.00 1000.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment Volume of credit line disbursed under the Project (cumulative, US$ million) Value 0.00 410.60 500.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment Ratio of weighted average change in employment of the SMEs financed under the Project, over the average change of employment in their respective sector Value 1 1.9 >1 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment Ratio of weighted average change in operating results [Value Added] of the SMEs financed under the Project, over the average changeof operating results [Value Added] in their respective sector Value 1 1.1 >1 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Number of SMEs financed in underserved segments by VakifBank (cumulative) Value 0.00 410.00 200.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment Number of SMEs financed in underserved segments through TKYB (cumulative) Value 0.00 46.00 150.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment Number of women-inclusive SMEs financed by VakifBank (cumulative) Value 0.00 136.00 100.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment Number of women-inclusive SMEs financed through TKYB (cumulative) Value 0.00 31.00 75.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment Number of SMEs which introduced new products or services financed by VakifBank (cumulative) Value 0.00 62.00 20.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment Number of SMEs which introduced new products or services financed through TKYB (cumulative) Value 0.00 9.00 20.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment NPL ratio under the Project for VakifBank (%) Value 0.00 0.00 7.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment NPL ratio under the Project for TKYB (%) Value 0.00 0.00 7.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment VakifBank compliance with prudential regulations Value Yes Yes Yes Date December 31, 2019 November 30, 2023 December 31, 2024 Comment TKYB compliance with prudential regulations Value Yes Yes Yes Date December 31, 2019 September 29, 2023 December 31, 2024 Comment VakifBank Return on Average Assets (%) Value 0.70 1.20 0.00 Date December 31, 2019 September 29, 2023 December 31, 2024 Comment TKYB Return on Average Assets (%) Value 2.60 2.50 0.00 Date December 31, 2019 March 31, 2023 December 31, 2024 Comment VakifBank Return on Average Equity (%) Value 9.10 19.27 0.00 Date December 31, 2019 September 29, 2023 December 31, 2024 Comment TKYB Return on Average Equity (%) Value 23.70 33.00 0.00 Date December 31, 2019 March 31, 2023 December 31, 2024 Comment VakifBank Citizen Engagement: Firms that report Project sub-financing reflected their needs (%) Value 0.00 97.61 90.00 Date December 31, 2019 November 30, 2023 December 31, 2024 Comment TKYB Citizen engagement: Firms that report Project sub-financing reflected their needs (%) Value 0.00 0.00 90.00 Date December 31, 2019 November 30, 2022 December 31, 2024 Comment