Siemens Finansal Kiralama A.s.

MIGA issued $39.2 million in guarantees to Siemens AG of Germany for its shareholder loan to its leasing company in Turkey. The guarantee covers the investment against the risks of transfer restriction and expropriation.

The project will allow Siemens to expand its leasing activities in Turkey and, thereby, provide longer-term financing to small and medium-size companies. Approximately fifty percent of the leased equipment and machinery to be financed will be manufactured in Turkey, especially the construction and transportation equipment, food processing machinery, and household appliances. Around sixty percent of the project enterprise's clients are involved in export-related activities, which generate foreign currency income for the companies and the country. Health and education sectors are also expected to benefit from the availability of financing for medical equipment and computers, which in turn will contribute to the upgrading of Turkey's social infrastructure.