The Export Credit Bank of Turkey (Eximbank) plans to back exporters with $50bn (€41.2bn) this year, according to local media. The sum represents an 11% y/y increase in funding.
The state-owned lender extended $28.5bn of cash loans and $17.1bn of credit insurance to exporters in 2020, up 7% y/y, Daily Sabah quoted trade minister Ruhsar Pekcan as saying last week. Eximbank laid on financing, both in loans and insurance, worth $45.6bn last year, up 3.6% compared to 2019, Pekcan added.
According to the minister, Turkey’s number of exporters increased by 4% to 13,102 in 2020. Most were small and medium sized enterprises (SMEs).
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