The council of ministers has determined the limits to be implemented by the Export and Credit Bank of Turkey (Türk Eximbank) on official cash and noncash export credits for foreign countries as well as its two-year and long-term insurance activities for 2016.

According to a cabinet decree published in the Official Gazette today, credits provided as part of international credit and insurance costs that will be included in 2016 have been determined: $1.5 billion, $1 billion and $1.25 billion for the Organization for Economic Co-operation and Development (OECD) 0, 1st, 2nd and 3rd group countries, OECD frouth group countries, OECD fifth and sixth and OECD seventh group countries, respectively.

In this context, the maximum amount of credit has been determined as $750 million, $600 million, $400 million, $400 million and $350 million for OECD 0, first and second group countries, OECD third group countries, OECD fourth group countries, OECD fifth group countries and OECD sixth and seventh group countries, respectively.

The amount of international credit to be issued for a country and the sum of medium and long-term insurance included yearly will not exceed the maximum level determined for each country group. According to the decision, Armenia, the Greek Cypriot Administration of Southern Cyprus and North Korea are not included.