The Industrial Development Bank of Turkey (TSKB) and the Asian Infrastructure Investment Bank (AIIB) have signed a $200 million loan deal to support companies hurt by the COVID-19 pandemic.
The agreement aims to meet the liquidity needs of companies operating in the infrastructure, transport, energy, water, sustainable cities, health, IT, and communication technologies sectors and production, the Turkish bank said in a statement Tuesday.
Under the COVID-19 Credit Line Project, extended under the repayment guarantee of Turkey's Treasury and Finance Ministry, companies will be granted working capital loans with a term of up to three years.
Ece Börü, the Turkish bank's acting CEO, said the loan package will help development banking create solutions for short-term problems and strengthen resilience.
"We will continue to support the sustainable economic development of our country, as well as protection of the labor force and the production supply chain," Börü said.