Turk Eximbank receives $380.5M loan

Turk Eximbank has received a loan of $380.5 million from an international banking consortium under the leadership of the International Islamic Trade Finance Corporation (ITFC).

The syndicated murabaha (interest free) financing deal was signed on Wednesday, Trade Minister Ruhsar Pekcan said in a statement.

“We aim to boost Turk Eximbank’s export financing support by 10 percent year-on-year in 2019, in order to further support to small- and medium-sized enterprises (SMEs),” she added.

Thus, the ratio of SMEs supported by Turk Eximbank will be increased to 75 percent this year, from 70.7 percent in 2018, Pekcan noted.

“I thank the ITFC for their cooperation regarding Turkish exporters’ access to Islamic financing,” she said.