IFC Invests in TSKB to Boost Gender Equality and Employment in Türkiye

• Investment aims to increase women’s access to financing and employment opportunities in Türkiye.
• Funding to support enterprises across the country, with a focus on earthquake-affected regions.
• TSKB to utilize its gender toolkit to help companies improve gender equality practices.

Istanbul, Türkiye, 24 December, 2024—IFC is investing $100 million in Industrial Development Bank of Türkiye (Türkiye Sınai Kalkınma Bankası or TSKB), the country's first privately-owned development and investment bank, to increase financial support for enterprises fostering women’s inclusion and to promote women's economic participation, leadership, and access to services in Türkiye.

Building on a successful 2022 investment that advanced gender inclusion and contributed to the creation of additional employment opportunities, the new funding will enable TSKB to continue expanding access to finance for such enterprises, including a focus on earthquake-affected regions. TSKB will leverage its gender toolkit, designed to help businesses improve gender equality practices.

TSKB CEO Murat Bilgiç said, "We can enhance the impact of women's productivity on the economy by increasing their competencies beyond traditional social roles. Following the agreement we signed with our partner IFC in 2022, we are pleased to implement together the key to this transformation with the second agreement today."

According to World Bank gender data, women’s labor force participation in Türkiye stood at just over 35 percent in 2023, significantly below the global average of around 48 percent. An International Monetary Fund report estimates that gender gaps in labor force participation reduce Türkiye’s potential GDP by about 25 percent.

“Women represent an underutilized talent pool in Türkiye that can significantly contribute to its economic growth,” said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. “Our partnership with TSKB demonstrates that helping women thrive in businesses and advancing gender equality isn’t just the right thing to do—it’s the smart thing to do.”

TSKB defines enterprises that support women’s employment and gender equality as those meeting several criteria, including at least 20 percent female shareholding, at least one female holding 25 percent of top executive positions, ownership of a valid gender equality certification, and a commitment to TSKB’s gender toolkit and action plan. 

This collaboration also seeks to demonstrate how gender-focused financial support benefits businesses. Through successful case studies of companies using the gender toolkit, the partnership aims to encourage more mid-size and large firms in Türkiye to adopt gender inclusive practices.

IFC’s longstanding partnership with TSKB, which dates back to 1963, focuses on sustainable development, climate finance, and gender equality in Türkiye.

For decades, IFC has been a leader in gender finance in Türkiye, mobilizing over $705 million through private banks in the country. Türkiye represents IFC's third-largest country exposure globally, with a committed portfolio of close to $5.4 billion as of December 2024.