Türk Eximbank has secured a $678 million syndicated loan amid the economic fallout caused by the coronavirus pandemic, Trade Minister Ruhsar Pekcan said Friday.
"The syndicated loan is a strong indicator of the international markets' confidence in the Turkish economy and its banks," Pekcan said on Twitter.
The government will continue to provide financing support to its exporters as it has done so far, Pekcan added, saying she hopes this resource will meet the exporters' financing needs.
International lenders in 10 different countries from the E.U., America, the Far East, and the Gulf region have participated in the syndicated facility, according to a written statement by the bank.
"After this strong demand coming from foreign banks, we renewed our syndicated loan with a much higher value than our original target," head of Türk Eximbank, Ali Güney, said.
The transaction, carried out under difficult market conditions, is valuable for the Turkish economy and its exports, he added.
"Türk Eximbank will continue its efforts to support our exports, which is the locomotive of our economy," he said.
Founded in 1987 as Turkey's official export credit agency, Türk Eximbank continuously introduces new credit programs to address the exporter's needs and demands.