Strategic financing pack reaches 11,500 firms

A teller holds Turkish lira banknotes at a currency exchange office in Istanbul on August 13, 2018. Turkey's troubled lira tumbled on August 13 to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy. / AFP PHOTO / Yasin AKGUL

A financing package in Turkey for strategic sectors has reached 11,500 companies so far, Turkish state lenders announced in a joint press release on Aug 5.

Within the scope of the financing package, a 5.2 billion Turkish liras ($936.5 million) creditlimit was allocated to 11,500 companies, said in the press release.

Three banks — Ziraat, Vakıf, Halk — also issued 1.7 billion Turkish liras ($306.1 million) of loans for the companies, the statement read.

Turkey announced last May a 30-billion Turkish lira (some $5.4 billion) financing package, dubbed “İVME“, for sectors with export potential but afflicted by the foreign trade deficit and high import dependency.

Over half of the credit limit was allocated to the machinery and devices sector, followed by the chemical-plastic and agriculture-animal feed sectors.

Finance and Treasury Minister Berat Albayrak said on Twitter that the package proceeded successfully towards its target of quality and sustainable growth.

Hurriyet Daily News


Please enter your comment!
Please enter your name here