The Dutch Entrepreneurial Development Bank (FMO) is preparing to introduce NASIRA+, an EU-supported risk-sharing program, to Türkiye. The program, funded by the European Commission and the Dutch government's MASSIF Fund, aimed to be launchedby the last quarter of 2025. Şekerbank, a long-standing partner of FMO—particularly in the area of sustainable agriculture—is planned to potentially bethe first financial institution utilizing the NASIRA guarantee to expand its lending to underserved entrepreneurs in Türkiye.
Since 2020, the first version of the Nasira program has been implemented by FMO in developing countries around the world. Once alive and with the inclusion of Türkiye in the second phase, known as NASIRA+, a portfolio guarantee of approximately EUR 200 million could be provided to support access to finance for underserved segments, especially in rural areas and the agriculture sector.
Under the program, Şekerbank aims to expand its client base in agricultural and SME banking, prioritizing rural areas. In November 2024, Şekerbank received a USD 160 million term loan secured under the leadership of FMO from six international financial institutions and on lend it to nearly 10,000 SME’s within just six months, thereby supporting approximately 65,000 existing and new job creation.
Seeing Şekerbank as a strategic partner in advancing financial inclusion in Türkiye, The Dutch Entrepreneurial Development Bank (FMO) is getting ready to offer the NASIRA program to farmers and SMEs across the country through Şekerbank. The second phase of the program—NASIRA+—with its EUR 200 million credit portfolio guarantee, is targeted to go live in Türkiye by the last quarter of 2025. In the upcoming stages, additional Turkish banks are also expected to join NASIRA+. The program will offer EU-backed guarantees for credit portfolios serving the agriculture value chain, with a priority on smallholder farmers and micro, small, and medium-sized enterprises with limited access to finance.
FMO’s Co-Chief Investment Officer Huib-Jan de Ruijter and Şekerbank CEO Aybala Şimşek Galpin shared details of the NASIRA+ program at a press conference in which they also presented the outcomes of the USD 160 million loan secured for Şekerbank through FMO’s coordination in November 2024.
Huib-Jan de Ruijter: “We view Şekerbank as a long-term strategic partner.”
Highlighting the satisfaction of foreseeing the inclusion of Türkiye in the second phase of the NASIRA risk-sharing program—first phase already successfully implemented by FMO across the Caucasus, Middle East, and Africa since 2020—FMO Co-Chief Investment Officer Huib-Jan de Ruijter noted that with a planned allocation of approximately EUR 200 million, Türkiye is set to become a key focus country for the program. Emphasizing that NASIRA+ is designed to help financial institutions extend credit to more vulnerable and underserved segments, de Ruijter stated, “This program is designed to support underserved SMEs with a focus on women, youth, rural, agriculture sector and, green, boosting financial inclusion and economic resilience where it is most needed.”
Reflecting on FMO’s long-standing relationship with Şekerbank, Huib-Jan de Ruijter emphasized that their partnership goes far beyond financing: “Working with strong, purpose-driven partners like Şekerbank carries special meaning for us. We’re excited to build on this collaboration -hopefully also through the guarantee program-, following the USD 160 million syndicated term loan we led at the end of 2024, which brought together six international development institutions—including JICA, which was their first private-sector investment in Türkiye. We consider Şekerbank a long-term strategic partner.”
Huib-Jan de Ruijter: “We trust in Türkiye's potential and its economy’s resilience.”
De Ruijter noted that FMO has been supporting Türkiye’s private sector, sustainable agriculture, and financial inclusion for over 30 years: “Türkiye is currently home to FMO’s second-largest country portfolio worldwide. This speaks to our strong confidence in the country’s potential and the resilience of its economy. In the coming year we aim to grow our existing EUR 640 million portfolio in Türkiye to EUR 800 million through upcoming investments.”
Aybala Şimşek Galpin: “We have doubled the long-term resources we receive from international financial institutions in the last year.”
In her remarks, Şekerbank CEO Aybala Şimşek Galpin began by highlighting the Bank’s deeply rooted branch network, which stretches well beyond its asset size to reach rural producers and businesses, and its key role in channeling international funds to these underserved areas. Galpin stated that the bank’s long-term foreign resources from development-oriented international financial institutions have doubled in the last year, with also the support of the predictability provided by the implemented economic program. Galpin said that the related portfolio has been obtained primarily for the financing of SMEs and farmers entirely for social and environmental purposes. She thanked FMO for its long-standing, strategic support of the Bank’s sustainable development mission, adding: “We’re grateful for FMO’s highly capable team, stable leadership, and global expertise in sustainable finance. Their support over the years has been invaluable to Şekerbank. In addition to the FMO’s direct investments, it also mobilizes the inflow of long-term foreign resources to both our bank and Türkiye with the new investors it brings to our country. As the only private bank in Türkiye originally founded to finance agriculture, we are proud to be consideredby FMO as the first potential implementing partner for this guarantee program—aligned with our 72-year legacy in rural development.”
Pointing out how difficult it is for tradespeople, small businesses, women entrepreneurs, and farmers to access secured financing, Galpin said, “With guarantee programs such as NASIRA, banks will be better equipped to support those who face the greatest barriers to finance. This program will add real value by broadening the customer base and extending grassroots lending. With NASIRA+, FMO will be making a meaningful investment in Türkiye’s inclusive economic growth.”
Aybala Şimşek Galpin: “Under FMO’s leadership, we delivered over TRY 6 billion in financing to nearly 10,000 SMEs and farmers in just six months.”
She underlined that beyond FMO’s own capital, the institution is also drawing both public and private international funds into Türkiye: “In our most recent partnership in November 2024, we secured a USD 160 million syndicated loan led by FMO and backed by six global development institutions. This enabled us to provide TRY 6.2 billion in financing to nearly 10,000 farmers, women entrepreneurs, and SMEs—primarily in rural areas. In doing so, we supported approximately 65,000 jobs, both new and existing.”
Aybala Şimşek Galpin: We have grown our agricultural loan book almost three times faster than the industry average since the start of the year.”
Galpin noted that 72% of Şekerbank’s extensive branch network is located outside of Türkiye’s three largest cities, and that the bank has built a robust product and credit infrastructure for agricultural lending. She stated that, under the NASIRA+ program, they would prioritize the agricultural value chain—particularly smallholder farmers—and that since the beginning of the year, their agricultural loan growth had outpaced the industry average by a factor of almost three. She also noted that 95% of this financing had reached rural areas outside the major urban centers.