IFC signs $30 million loan facility to Koclease

The statement by IFC is as follows:

"The investment extends IFC’s long-standing, successful collaboration with the Turkish leasing industry and in particular with the Koç group. Koclease is a subsidiary of Koc Financial Services, which is owned by Koc Holding of Turkey and Unicredito Italiano of Italy.

Jyrki Koskelo, IFC’s director for Global Financial Markets, said, "The loan is in line with IFC’s strategy of assisting premier leasing companies, such as

Koçlease, in extending long-term funding to the Turkish private sector."

Khosrow Zamani, IFC’s director for Southern Europe and Central Asia, noted, "We are pleased with this transaction, which expands our collaboration with the Koc group and Unicredito Italiano. This loan will enable Koclease to extend long-term funding, particularly to Turkish small businesses that are a key

segment of IFC’s strategy in Turkey."

Cagatay Baydar, general manager of Koclease, added, "We have always pursued a strictly customer-focused approach, in line with the Koc Financial Services Group’s business philosophy. For us it is crucial to identify customer needs correctly and achieve sound growth through high-quality financial leasing products and services. IFC’s long-term facility will support our strategy of funding small and medium sized enterprises and will add to our overall business success."

Since its establishment in 1995, Koçlease has provided long-term financing primarily to export-oriented small and medium-sized industrial companies.

Koçlease sells its leasing products through the branch network of Kocbank which also belongs to Koc Financial Services Group.

IFC’s portfolio in Turkey, including amounts mobilized from commercial banks, stood at $968.5 million as of December 2003. Turkey accounts for about 5

percent of IFC’s global investment commitments and is IFC’s third-largest country exposure.