Local Turkey

Turk Eximbank takes steps to back exporters amid virus

Move aims at continuity of production, maintaining employment level as export orders suffer due to coronavirus fears

Turk Eximbank on Tuesday introduced a support package for exporters to mitigate the impact of the coronavirus pandemic.

The move aims for exporters to continue production and maintain employment as they see orders falling or being canceled due to virus fears.

Turk Eximbank extended credit repayment terms by 3-6 months depending on exporter demand, commitment closure term by a year, prolonged rediscount credit terms to two years, and eased insurance terms.

The bank is working on financial solutions for exporters’ stocks piling up due to waning orders, said Ali Guney, the head of Turk Eximbank.

The move was in line with the relief package announced by President Recep Tayyip Erdogan last week to limit the economic fallout from coronavirus, Guney underlined.

The package, worth 100 billion Turkish liras ($15.4 billion), includes debt payment delays and tax cuts across various sectors.

COVID-19 emerged in Wuhan, China last December, and has spread to at least 169 countries and territories. The World Health Organization declared the outbreak a pandemic.

Out of more than 382,000 confirmed cases, the death toll now exceeds 16,500, and nearly 102,000 have recovered, according to data compiled by Johns Hopkins University in the U.S.

Anadolu Agency

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