The state-owned Türk Eximbank, which supports the bank the country's exporters, has received a loan for $380.5 million from an international banking consortium led by the International Islamic Trade Finance Corporation (IITFC).
The syndicated Murabaha (interest-free) financing deal was signed yesterday, Trade Minister Ruhsar Pekcan said in a statement.
"We aim to boost Türk Eximbank's export financing support by 10 percent year-on-year in 2019, in order to further support small and medium-sized enterprises (SMEs)," she said.
Accordingly, the ratio of SMEs supported by the Türk Eximbank will be increased to 75 percent this year, from 70.7 percent in 2018, Pekcan added. Türk Eximbank provided exporters with $27 billion in cash loans and $17 billion in export credit insurance in 2018.
In 2019, Türk Eximbank aims to provide a total of $48.4 billion in financing support, including $29.4 billion in cash and $19 billion in insurance, with an increase of 10 percent, raising the export financing rate to 27 percent.