The Export Credit Bank of Turkey (Eximbank) plans to back exporters with $50bn (€41.2bn) this year, according to local media. The sum represents an 11% y/y increase in funding.
The state-owned lender extended $28.5bn of cash loans and $17.1bn of credit insurance to exporters in 2020, up 7% y/y, Daily Sabah quoted trade minister Ruhsar Pekcan as saying last week. Eximbank laid on financing, both in loans and insurance, worth $45.6bn last year, up 3.6% compared to 2019, Pekcan added.
According to the minister, Turkey’s number of exporters increased by 4% to 13,102 in 2020. Most were small and medium sized enterprises (SMEs).
Related Articles
UAE's RAKEZ partners with ADIB to ease banking for SMEs and startups
Ras Al Khaimah Economic Zone (RAKEZ) has signed a memorandum of understanding with Abu Dhabi Islamic Bank (ADIB) to simplify bank account opening procedures for its clients, WAM reported. ... more
European Union increases humanitarian aid to Syria to €202mn
The European Union announced on May 27 an increase in humanitarian aid to Syria to more than €202mn for this year, SANA reported. The additional funding will ... more
Profit of Russian SovcomBank down 50% in 1Q25
Publicly listed Russian Sovcombank posted a 50% year-on-year decline in IFRS net profit to RUB12.5bn ($172.8mn) for 1Q25, as monetary tightening and a stronger ruble weighed on core banking ... more