Turkey's VakıfBank signs 1.5 billion euro loan deal backed by World Bank, Treasury

ISTANBUL, March 16 (Reuters) - Turkey's VakıfBank has signed a 1.5 billion euro ($1.7 billion)10-year loan agreement with international financial institutions under a World Bank‑backed programme aimed at boosting access to finance and employment, the bank said in a statement.

• Loan backed by a counter‑guarantee from Turkey's Treasury and Finance Ministry.

• Includes a partial guarantee from the member of World Bank Group IBRD (International Bank for Reconstruction and Development).

• Santander, BNP Paribas, Standard Chartered and ING participated.

• Bank says it is the largest funding transaction of its kind in Turkey's banking sector involving international development institutions.

• Aims to expand financing for micro, small and medium‑sized enterprises.

• Targets economic recovery in earthquake-affected regions and also aiming ease of financing access for women and young entrepreneurs.

($1 = 0.8718 euros)