Syndicated loan is strong indicator of international markets’ confidence in Turkish economy, banks, says trade minister
Turk Eximbank has received a syndication loan worth $678 million amid coronavirus’ economic fallout, said Turkey’s trade minister on Friday.
“The syndicated loan is a strong indicator of international markets’ confidence in the Turkish economy and its banks,” Ruhsar Pekcan said on Twitter.
The government will continue to provide financing support to its exporters as it has so far, Pekcan added, saying she hopes this resource is used for exporters’ financing needs.
International lenders in 10 different countries from the EU, America, the Far East, and 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 syndication loan with a much higher value than our original target,” said Ali Guney, the head of Turk Eximbank.
The transaction, carried out under difficult market conditions, is valuable for the Turkish economy and its exports, he added.
“Our efforts as Turk Eximbank will continue without slowing down for stronger support to exports, which is the locomotive of our economy,” he concluded.
Founded in 1987 as Turkey’s official export credit agency, Turk Eximbank has been constantly introducing new credit programs to address the demands and needs of exporters.