According to the bank website, the Project is a 39-month, funded risk sharing facility (the "Facility") whereby Citibank and its affiliates ("Citi") and IFC would share the risk, on an up to 50-50% basis, in a portfolio of up to US$200 million of senior trade loans that Citi provides to banks in Turkey. The project is part of a wider World Bank Group COVID-19 response, through which IFC plays a countercyclical role at a time when the appetite of lending institutions and other investors may be subdued due to the negative economic impacts of the global pandemic.
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