Türk Eximbank provides a series of supports for Turkish export companies affected by the Covid-19 pandemic.
This is a fully state-owned bank that acts as the main export incentive instrument of the Turkish government in Turkey’s sustainable export strategy.
As Turkey’s official export credit agency, Türk Eximbank is mandated to support foreign trade and Turkish contractors/investors operating abroad.
According to the Turkish government, principal and interest payments owed by companies whose cash flows deteriorated due to the Covid-19 outbreak were delayed for at least three months.
In order to maintain capacity utilization rates during the temporary export slowdown, the share financing support package for exporters was launched.
The package was implemented through Türk Eximbank to provide convenience to exporters, whose stocks increased due to low demand and canceled orders.
Thus, the Equity Financing Support Package came into use through Turk Eximbank to provide convenience to exporters, whose stocks increased due to low demand and canceled orders.
As part of the package, the Credit Guarantee Fund set a limit of 10 billion Turkish liras (LT), about $ 1.47 billion) for Türk Eximbank.
The maximum guarantee amount of the Credit Guarantee Fund is set at LT 25 million (approximately $ 3.5 million) for SMEs and LT 50 million (approximately $ 6.9 million) for non-SMEs.
By lagging the interest rates on loans, the interest burden of Turkish merchants and craftsmen was reduced by approximately TK 90 million in April, May and June.
Furthermore, according to the Turkish government, Consumer Loan Packages have been made available to the public since March.
Ziraat Bank, Halkbank and Vakıfbank launched the loan package “Basic Need Support” to financially support clients whose family income is less than 5,000 Turkish liras.