Turkey's Eximbank, a state-owned bank that supports Turkish exporters, announced that it has signed a syndication agreement with a group of banks under the coordination of the Societe Generale, one of the leading European finance companies, to provide export financing amounting to around $208 million with a three-year maturity.
Moreover, Türk Eximbank General Manager Adnan Yıldırım stated that Türk Eximbank has received a new syndication loan with a maturity of three years for the first time after a long period, in line with the strategy of diversifying funding possibilities and increasing medium- and long-term loan portfolio.
Yıldırım also stated that this loan is a trustworthy reflection of the Turkish economy and Türk Eximbank, indicating that the amount of funds provided by Türk Eximbank in the first half of the year reached $1.7 billion with the said borrowing transaction.
Türk Eximbank currently supports Turkish exporters, contractors and investors through various credit, guarantee and insurance programs. As well as providing direct lending, the Bank also provides insurance and guarantees to Turkish commercial banks to encourage them to finance export transactions backed by sales made on deferred payment terms. In this way, Türk Eximbank channels some portion of commercial banks' funds into export financing.