Three state lenders, namely Ziraat Bank, Halkbank and Vakıfbank, extended TL 1.7 billion in loans to 11,500 companies as of the end of July within the scope of the comprehensive financing package that Treasury and Finance Minsiter Berat Albayrak announced in May. Albayrak announced the TL 30 billion İVME (advanced, productive, indigenous, industry) package for three areas of economic activity, including the production of raw materials and intermediate goods, machinery and agriculture. The primary aim of the package is to take a concrete step toward supporting the passage to export-oriented and high value-added production, one of the most emphasized agenda items in the New Economic Program (NEP), announced last September.
In a joint statement Monday, the three state lenders said the package was launched to ensure the steady growth and development of Turkey's economy, to increase the country's share in world trade and to contribute positively to the current balance.
"This package aims to provide funds for companies that operate in the industrial sector, which is causing a foreign trade deficit in our country due to import dependence even though the employment contribution rate and export-foreign exchange income potentials are high, to produce raw material-intermediate goods, manufacture machinery and purchase domestic machinery with new investments and business loans they will need after the investment, as well as investment and business loans to support soybean, sunflower, corn and feed production," the statement read.
As of the end of July, the statement noted, the three banks allocated TL 5.2 billion in credit lines to 11,500 companies and extended TL 1.7 billion in loans under the financing package. "Loan disbursement to medium and large-scale companies continues depending on the delivery of the machines purchased within the scope of the investment," it said. "As always, our banks will continue to support domestic production and stand by our companies."
The İVME package also seeks to provide an innovative and important possibility for banks to hedge assets in their balances with the actual consumer price index and the government debt security index.
To be provided by the end of the year, the package will prioritize medium-high technology and high-technology products and sectors, Albayrak said, with the provision of raw materials, intermediate goods, machinery and agriculture.
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