The International Islamic Trade Finance Corporation (ITFC) has extended a syndicated Murabaha Islamic finance facility worth $277mn to Turk Eximbank in accordance with its mandate of promoting trade among Organisation of Islamic Cooperation (OIC) member states.
The partnership intends to boost export-oriented small and medium sized enterprises (SMEs) and private sector businesses in Turkey and offer Sharia-compliant trade financing solutions, ITFC said.
“This facility will boost the private sector's ability to access trade finance funds by bridging the financial divide and supporting an environment favorable to economic growth and job creation,” it added in a statement.
Since its inception in 2008, ITFC has approved around $3.5bn in financing for Turk Eximbank.
The financing has also supported a great number of exporters with a focus on SMEs in sectors including textiles, food and agriculture, construction and automotive, according to ITFC.
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