Finance package maintains increasing support for manufacturing infrastructure

DAILY SABAH
ISTANBUL
Published 05.10.2019 00:04

With the Advanced, Productive, Indigenous, Industry (IVME) Financing Package, the credit limit allocated from Aug. 5 to Sept. 30 increased 83% from TL 5.2 billion ($913 million) to TL 9.5 billion, while the amount of loan usage soared 94% from TL 1.7 billion to TL 3.3 billion.

Evaluating the IVME Financing Package on his Twitter account, Treasury and Finance Minister Berat Albayrak drew attention to the contribution of the package to the development of production infrastructure, especially in industry and agriculture.

"Aiming to strengthen export and value-added production, IVME Financing Package continues to contribute to the development of production infrastructure in the industrial and agricultural fields," Minister Albayrak said. "Together with success in the fight against inflation, demand for the IVME package has increased, while inflation-indexed interest rates have led to a significant decrease in financing costs."

Minister Albayrak's message also included a table covering the contributions of the IVME Financing Package and Greenhouse Financing Package.

Accordingly, within the scope of the IVME Financing Package, the credit limit allocated from Aug. 5 to Sept. 30 increased 83% from TL 5.2 billion to TL 9.5 billion, while the amount of loan usage soared 94% from TL 1.7 billion to TL 3.3 billion. The amount of credit provided to producers through the Greenhouse Financing Package, which was commissioned through Ziraat Bank against the fluctuations in food prices, rose 24% from TL 1.9 billion to TL 2.35 billion as of Aug. 7. In May, Albayrak announced a TL 30 billion financing package IVME for sectors that have export potential but are riddled with a foreign trade deficit and high import dependency; it provides an innovative and important possibility for the banks to hedge the assets in their balances with the actual consumer price index and the government debt security index.

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