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The Economic Cooperation Organisation (ECO)Trade and Development Bank signed a “SME Development Loan Agreement” with Ziraat Finansal Kiralama A.Ş. on November 20, 2008, for $ 15 million in order to lend Small and Medium Sized Companies based in Turkey.
The “SME Development Loan” has been structured and approved by the Board of Directors at the 14th Board Meeting, held on 25 September 2008 to provide the necessary support to the SMEs which are playing a major role in the contribution of economic growth and development of trade in the ECO region.
The SME Development Loan is intended to strengthen local financial institutions in the member countries by providing them medium term financing opportunities having a tenor of up to 4 years with 1 year grace period.
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