The project Innovative Access to Finance has changed to Active. To see more information, see the project information in the World Bank project databaseThe objective of the Innovative Access to Finance Project for Turkey is to improve access to longer term Islamic finance and to factoring for small and medium enterprises and export oriented enterprises. A single component will provide US$250 million equivalent to be intermediated by TSKB through participation banks and factoring companies targeting Small and Medium Enterprises, or SMEs and Export Oriented Enterprises, or EOEs. Sub-component one will focus on Islamic finance (estimated at US$160 million) and subcomponent two will focus on factoring (estimated at US$90 million). The choice of a single component provides re-allocation flexibility against a limited number of participation banks and increased financial markets uncertainty. The credit line, guaranteed by the Turkish government, will be intermediated by TSKB, which will be the Borrower and implementing agency for this project. TSKB will in turn on-lend and finance Participating Financial Institutions, or PFIs, which can be participation banks and factoring companies. TSKB will select PFIs pursuant to criteria agreed between TSKB and the World Bank, and subject to no objection by the World Bank. The selected PFIs will in turn sub-finance private SMEs and EOEs, the final beneficiaries of the credit line. The PFIs will assume the risk of the sub-beneficiaries who will be selected based on agreed upon selection criteria. TSKB will have exposure only to the selected PFIs and will assume the risk for on-lending and financing PFIs.