Türk Eximbank receives USD 380.5 mln loan under IFTC tutelage

Thursday 21 February 2019 11:16 CET | News

Türk Eximbank has received a loan of USD 380.5 million from a banking consortium pertaining to the International Islamic Trade Finance Corporation.

The syndicated murabaha (interest free) financing deal was signed by Trade Minister Ruhsar Pekcan. The loan will be used to boost Turk Eximbanks export financing support by 10% year-on-year in 2019, in order to further support to SMEs. Thus, the ratio of SMEs supported by Turk Eximbank will be increased to 75% in 2019, from 70.7% in 2018.

Türk Eximbank is a fully state-owned bank acting as the Turkish government’s major export incentive instrument in Turkey’s sustainable export strategy. As Turkey’s official export credit agency, Türk Eximbank has been mandated to support foreign trade and Turkish contractors/investors operating overseas.

Türk Eximbank’s main objectives are promoting Turkey’s exports through diversification of exported goods and services by increasing the share of Turkish exporters in international trade, finding new markets for traditional and non-traditional export goods and providing exporters and overseas contractors with support to increase their competitiveness and to ensure a risk-free environment in international markets.

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Keywords: Türk Eximbank, International Islamic Trade Finance Corporation, interest free loan, trade finance lending, IFTC, Turkey, Middle East, EMEA
Countries: World