Türk Eximbank, a state-backed export credit institution, has secured $1 billion in new funding to support small businesses.
The funds will be used to support women-led small and medium enterprises (SMEs) operating in low-income regions and provide financial support to SMEs exporting green products, the bank said in a post on the social media platform LinkedIn.
The financing has been structured in three currencies: €499.5 million, $246 million and 1.34 billion Chinese yuan, with maturities of one, two and three years, local media reported.
The funding was backed by 33 financial institutions from Europe, the Far East and the Gulf region, nine participating for the first time. No names were given.
The transaction was coordinated by MUFG Bank, Abu Dhabi Commercial Bank, and ICBC Turkey.
“With borrowing costs dropping by 90 basis points compared to last year’s syndicated loan, it has become a more advantageous resource for our exporters,” Türk Eximbank general manager Ali Güney told Daily Sabah newspaper.
He said a three-year maturity loan tranche was included for the first time in nine years.
Last week Turkey’s finance minister said the country’s economic transformation was on track and that the country was prepared to deal with slower growth.
“Growth is slower but we can live with that,” he said during a panel at the annual meeting of the European Bank for Reconstruction and Development.
Türk Eximbank has secured $3.9 billion in international funding since the beginning of the year.
