7,855.06 TL BIST 100 BIST 100
28.92 $ USD USD
€31.16 EUR EUR
38.38 TL Interest Interest
74.67 $ Fossil Oil Fossil Oil
23.80 $ Silver Silver
3.75 $ Copper Copper
132.52 $ Iron Ore Iron Ore
387.00 $ Ship Dismantling Ship Dismantling
1,883.86 TL Gold (gr) Gold (gr)

Demand credit protocol between exporters and 11 banks

A new credit package for exporters was launched in cooperation with the Turkish Exporters Assembly (TIM) and Ziraat Bank, Vakıfbank, Halkbank, İşbank, Garanti BBVA, Akbank, Yapı Kredi, QNB Finansbank, Denizbank, TEB and Odeabank.

Demand credit protocol between exporters and 11 banks

The signing ceremony for the "Maturity Export Credit Package" was held at TIM headquarters with the participation of TIM and 11 banks. Within the scope of the "Demand Export Credit Package", exporter companies will be able to benefit from cost-effective export credits up to a maximum of 5 million dollars or 100 million TL.

In the event that the member companies of the Union direct their export prices to the contracted banks up to the maximum loan amount, the loan maturities can be extended up to certain periods. Companies will be able to choose one of the revolving or installment loan options in line with their preferences.

With the revolving credit option, the credit term, which starts with a 12-month period, can be extended up to a maximum of 36 months if companies direct their export receivables up to the maximum credit amount to contracted banks.

In this way, it is aimed to provide uninterrupted resource support to exporters by providing a continuous flow of financing instead of a one-time loan. In the installment loan option, the maximum maturity period will be 24 months. In all credit types, the closing period for export commitments will be 24 months due to legal requirements.

Among the bank executives who attended the press conference were Alpaslan Çakar, General Manager of Ziraat Bank; Abdi Serdar Üstünsalih, General Manager of Vakıfbank; Hakan Aran, General Manager of Türkiye İş Bankası; Osman Arslan, General Manager of Halk Bankası; Cemal Onaran, Executive Vice President of Garanti BBVA; Cahit Erdoğan, Executive Vice President of Yapı Kredi; Bülent Oğuz, Executive Vice President of Akbank; Engin Turhan, Executive Vice President of QNB Finansbank; Mehmet Aydoğdu, Executive Vice President of Denizbank; Ömer Yenidoğan, Executive Vice President of TEB; and Cenk Demiröz, Executive Vice President of Odeabank.

Speaking at the signing ceremony, Mr. Çakar, President of the Banks Association of Turkey (TBB) and General Manager of Ziraat Bank, stated that they act with the awareness of investing in Turkey's future with the protocol signed today.

Stating that the dynamics of the economy and trade have changed very rapidly, Çakar said:

"We will provide a new financing support to our exporters through the Turkish Exporters Assembly together with our member banks in order to keep up with this change, to be the country that directs change, to ensure sustainability in production, and to increase value-added exports. With this credit package, which will reach 1 billion dollars with the participation of 11 banks, we will facilitate the access of our exporters, one of the most important locomotives of our country's economy, to financing. In order to reach a production capacity that can compete in world trade, increasing the export products and production composition based on technology will contribute positively to our financing power as well as our competitiveness. Together with our banks, we plan to increase the competitiveness of our exporters by offering the right financing models at the right time."

"1 million dollars for SME customers and 5 million dollars for non-SME customers"

Stating that they are aiming for a year 2023 in which employment increases, the unemployment rate decreases to single digits and machinery investments increase by double digits, Çakar said, "We will continue to use our strength to sustain growth and welfare increase by supporting production, investment, employment and exports in cooperation with our stakeholders."

Emphasizing that exports are of great importance for Turkey's economy, Çakar said that exports are also important in maintaining the foreign trade balance.

Stating that exports are the biggest source of foreign currency inflow to the country, Çakar said, "As the banking sector, we derive our strength from the general economy. We also offer our resources to the real sector and our economy."

Reminding that they gathered with 11 member banks of the Banks Association of Turkey to make an agreement on an export package of approximately 1 billion dollars, Çakar continued as follows:

"When we look at the nature of this package, it is 1 million dollars for our SME customers and 5 million dollars for non-SME customers. TL 20 million or TL 100 million in TL-denominated loans are the maximum figures for SMEs and non-SMEs. I believe that the USD 1 billion package will be very beneficial to our customers in terms of financing. With this export credit package with favorable maturity and pricing conditions, we wish to support the competitiveness of our customers in the market. We want to facilitate financial development, especially for our exporters, for the economic growth of the country."

"The key to achieving big goals is financing"

TIM President Gültepe said that 61 exporter associations, 27 sectors and 115 thousand exporters of goods and services came together with 11 banks to solve the common problem of access to finance.

Emphasizing that they are taking firm steps towards the target of 265 billion dollars of goods and 120 billion dollars of service exports in the 100th year of the Republic, Gültepe said, "We set a target of 600 billion dollars for 2028, 400 billion dollars of which is goods and 200 billion dollars of which is service exports."

Gültepe stated that as export figures grow, the need for financing increases at the same rate and said, "The key to achieving big targets is financing. Our banks have always been the biggest supporters of exports."

Mr. Gültepe noted that during the high inflation and financial bottleneck process experienced on a global scale, they will again move forward together with the banks and made the following assessment:

"As banks and exporters, we have a common goal and a common concern; to increase Turkey's welfare and grow its economy. We came together with this common vision and cooperated. As a result of this cooperation, a new product with a volume of 1 billion dollars has emerged. The Term(SIZ) Export Credit Package we announced today is of critical importance for our exporters. I would like to take this opportunity to thank our banks, which are the biggest supporters of investment and exports in our country."


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

KARDEMİR will establish a 27.3 MW solar power plant in Van

Thursday, December 7, 2023

This week in European steel market!

Thursday, December 7, 2023

Innovative trends propel nut coke market amidst metallurgical advancements

Thursday, December 7, 2023

Oman surpasses expectations with surging steel exports and pioneering sustainability initiatives

Thursday, December 7, 2023

Rebar and wire rod prices continue to increase under the leadership of Icdas

Thursday, December 7, 2023
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences

Global Iron and Steel Exchanges

Iron and Steel Indices, Price and News

E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now