Govt to provide more loans to small-and medium sized businesses next year

Next year the government will loan an additional $5 billion to small- and medium-sized enterprises (SMEs) facing financial difficulties due to the global economic crisis. The Treasury Undersecretariat will assume a key role in distributing the loans. The government is also continuing its talks with the World Bank, European Investment Bank and European Commission Development Bank to find new financial resources to cushion the companies from the impact of the crisis. These resources will be distributed as investment credits and working capital loans. In related news, the World Bank announced yesterday that it will extend a $500 million loan to Turkey. The WB said the loan was meant to help government efforts to boost employment and economic growth.