Turkey Rapid Support for Micro and Small Enterprises during the COVID-19 crisis

Abstract*

The proposed operation aims to alleviate the economic difficulties of MSEs affected by the COVID-19 crisis by providing emergency financial assistance in the form of performance-based reimbursable support to viable private manufacturing and young innovative firms to help them survive the adverse effects of the COVID-19 pandemic and resulting economic downturn, and adapt to the new operating environment. The main objective is to avert the closure of... Show More

Development Objective

The Project Development Objective (PDO) is to avert the closure of viable micro and small enterprises (MSEs) affected by the COVID-19 crisis and maintain their employment levels during the crisis.

Key Details

Project Details

Project ID
P174144
Status
Closed
Team Leader
Stefka Slavova , Ali Abukumail
Borrower 2
Small and Medium Enterprises Development Organization of Turkey/Küçük ve Orta Ölçekli ??let

Country
Turkiye
Disclosure Date
October 16, 2020
Approval Date
(as of board presentation)
December 18, 2020
Effective Date
April 23, 2021

Total Project Cost 1
US$ 300.00 million
Implementing Agency
Small and Medium Enterprises Development Organization of Turkey/Küçük ve Orta Ölçekli ??let
Region
Europe and Central Asia
Fiscal Year 3
2021

Commitment Amount
US$ 300.00 million
Environmental Category
N/A
Environmental and Social Risk
Moderate
Closing Date
June 30, 2023

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED
Last Update Date
January 1, 2024

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 - Finance

FY17 - Financial Infrastructure and Access100%
- FY17 - MSME Finance100%

FY17 - Human Development and Gender

FY17 - Disease Control100%
- FY17 - Pandemic Response100%
FY17 - Gender87%

FY17 - Private Sector Development

FY17 - Business Enabling Environment14%
- FY17 - Innovation and Technology Policy14%
FY17 - Enterprise Development14%
- FY17 - MSME Development14%
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 March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Dec 1, 2021	IBRD-91950	Int Charges	335,897.10
Dec 1, 2021	IBRD-91950	Int Charges	152,479.30
Apr 7, 2022	IBRD-91950	Loan Disb	60,000,000.00
Mar 10, 2022	IBRD-91950	Loan Disb	60,000,000.00
Jun 1, 2022	IBRD-91950	Int Charges	4,019.05
Jun 1, 2022	IBRD-91950	Int Charges	203,695.70
Jun 1, 2022	IBRD-91950	Int Charges	585,095.75
Jun 1, 2024	IBRD-91950	Int Charges	35.47
Jun 1, 2024	IBRD-91950	Int Charges	1.41
May 14, 2021	IBRD-91950	Loan Disb	1,000,000.00
Apr 23, 2021	IBRD-91950	Fee Charges	750,000.00
Apr 23, 2021	IBRD-91950	Loan Disb	750,000.00
Jun 9, 2021	IBRD-91950	Loan Disb	14,021,575.00
Jul 20, 2021	IBRD-91950	Loan Disb	10,000,000.00
May 2, 2022	IBRD-91950	Loan Disb	50,000,000.00
Oct 22, 2021	IBRD-91950	Loan Disb	5,000,000.00
Aug 20, 2021	IBRD-91950	Loan Disb	15,000,000.00
Sep 2, 2022	IBRD-91950	Loan Disb	3,325,578.00
Dec 1, 2021	IBRD-91950	Int Charges	1,312.50
Dec 1, 2021	IBRD-91950	Int Charges	51,118.15
Jul 18, 2022	IBRD-91950	Loan Disb	20,000,000.00
Jun 1, 2022	IBRD-91950	Int Charges	1,369.85
Jun 1, 2024	IBRD-91950	Int Charges	10,010,140.00
Jun 1, 2024	IBRD-91950	Int Charges	-182.77
Jun 1, 2024	IBRD-91950	Int Charges	182.77
Dec 18, 2020	IBRD-91950	Loan Commitment	300,000,000.00
Oct 30, 2023	IBRD-91950	Loan Cancel	833,911.30
Oct 4, 2023	IBRD-91950	Loan Disb	-3,564.70
Jun 1, 2023	IBRD-91950	Int Charges	1,083.76
Jun 1, 2023	IBRD-91950	Int Charges	9,088,751.00
Dec 1, 2023	IBRD-91950	Int Charges	1,040.79
Dec 1, 2023	IBRD-91950	Int Charges	9,763,365.00
Dec 1, 2022	IBRD-91950	Int Charges	32,876.72
Dec 1, 2022	IBRD-91950	Int Charges	107,123.28
Dec 1, 2022	IBRD-91950	Int Charges	9,688.36
Dec 1, 2022	IBRD-91950	Int Charges	4,263,983.00
Mar 9, 2023	IBRD-91950	Loan Disb	72,500.00
Jan 19, 2022	IBRD-91950	Loan Disb	30,000,000.00
Mar 1, 2022	IBRD-91950	Loan Disb	30,000,000.00

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Project Management	Satisfactory	2022-11-24
Procurement	Satisfactory	2022-11-24
Overall Implementation Progress (IP)	Satisfactory	2022-11-24
Progress towards achievement of PDO	Satisfactory	2022-11-24
Financial Management	Satisfactory	2022-11-24
Monitoring and Evaluation	Satisfactory	2022-11-24

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 12-21-2023
Outcomes	Highly Satisfactory
Risk to Development Outcome
Bank Performance	Highly Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 06-03-2024	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Highly Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Share of beneficiary MSEs that survive the COVID-19 crisis for at least six months after receiving performance-based reimbursable support financing	Value	0.00	97.63	25.00
	Date	July 27, 2020	October 5, 2022	May 31, 2022
	Comment

Share of beneficiary surviving MSEs that increase employment relative to the average employment level of the MSE for the 12-month period preceding on which the app [see description for full name]	Value	0.00	83.17	25.00
	Date	July 27, 2020	October 5, 2022	May 31, 2022
	Comment

Share of beneficiary innovative young firms that survive the COVID-19 crisis for at least six months after receiving performance-based reimbursable support financing	Value	0.00	96.97	20.00
	Date	July 27, 2020	October 5, 2022	May 31, 2022
	Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Of applicants that are female-led or -owned young innovative MSEs or with female majority workforce, share that meet the eligibility criteria and receive reimbursable support financing	Value	0.00	78.00	20.00
	Date	July 27, 2020	June 30, 2022	May 31, 2022
	Comment

KOSGEB Firm Engagement: Beneficiary young firms reporting that the provided reimbursable support financing reflected their needs Value 0.00 86.00 30.00
Date July 27, 2020 June 30, 2022 May 31, 2022
Comment

Of applicants that are female-led or -owned MSEs or with female majority workforce, share that meet the eligibility criteria and receive reimbursable support financing	Value	0.00	62.00	20.00
	Date	July 27, 2020	June 30, 2022	May 31, 2022
	Comment

KOSGEB Firm Engagement: Beneficiary firms reporting that the provided reimbursable support financing reflected their needs Value 0.00 90.00 30.00
Date July 27, 2020 June 30, 2022 January 31, 2022
Comment