The project will be implemented by
- Sub-component 1 will focus on Islamic finance (estimated at
- Sub-component 2 will focus on factoring (estimated at
Raiser added that "As domestic financial markets are becoming more sophisticated, we, ourselves, are switching to innovative financing instruments. Islamic finance is based on the principles of risk-sharing and asset backing, a component of trade, rather than risk-transfer, as seen in conventional banking. Together with factoring, they provide attractive alternatives to traditional bank loans by alleviating constraints for SMEs related to the lack of collateral and credit history."
The lending instrument for the Innovative Access to
* For the purpose of this project, SMEs are defined as firms that employ fewer than 250 people and have annual turnover or asset size of less than TL40 million, and EOEs as exporting firms that employ fewer than 1,000 people.
TNS 18EstebanLiz-140723-30FurigayJane-4804700 30FurigayJane
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