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FMO has provided a EUR 30 mln loan facility to Sekerbank, a financial institution with strong background in the Anatolian rural areas in Turkey. Sekerbank, with its origins as sugar beet cooperative (established in 1953), is still an important player in the Turkish agricultural supply chain.
This facility is earmarked for SMEs and contributes to FMOs Reducing Inequalities target, as Sekerbank focuses on rural SMEs in Turkey, an underserved segment. The business model of Sekerbank is focused on long-term relationships with SMEs in the agri supply chain in combination with a successful pioneering role in sustainability. This is also illustrated by Sekerbanks’ successful EKOkredi product.
The agricultural sector is important in Turkey due to its contribution to GDP (7%), job creation (18% of total employment) and exporting opportunities. With stimulating the rural areas Sekerbank contributes to reducing the large regional income inequalities within Turkey. During the COVID 19 pandemic the agri-sector has performed relatively well and provided an economic buffer against the more instable tourism and services sector.
The facility has been provided during a volatile period. With the Turkish Lira depreciation of more than 45% during 2021 and increasing concerns about the inflation outlook and the potential consequences for access to financial markets, financial institutions are looking for long-term funding provided by long-term committed impact investors as FMO.