New project to provide financing for innovative young firms negatively impacted by COVID-19
The World Bank on Monday announced that under a new project it will provide a finance of $300 million to help avert the closure of viable micro- and small-enterprises (MSEs) in Turkey amid the coronavirus pandemic.
The new financing will support people and firms by providing reimbursable support financing for manufacturing firms and other innovative young firms focusing on manufacturing, scientific research and development, and computer programing.
“Consistent with this framework, the World Bank is pleased to contribute to the support of viable firms and protection of vulnerable jobs in Turkey,” said Auguste Kouame, World Bank country director for Turkey.
Also commenting on the project, Stefka Slavova, a lead economist at the World Bank, noted the financing will go to MSEs in Turkey, which are the main source of employment for poor and near-poor households and account for more than 40% of employment in the manufacturing sector.
“These MSEs have been especially impacted negatively during the ongoing health and economic crisis caused by COVID-19 and need support to withstand the crisis,” added P. Facundo Cuevas, senior economist at the World Bank.
The project will pay special attention to women-owned firms, the bank said.