ISLAMIC BANK LOANS $270M FOR TURKISH EXPORTERS

(Foto: AA)

Ankara, 18 Rabiul Awal 1437/30 December 2015 (MINA) – The Islamic Development Bank (IsDB) has agreed to loan $270 million to Turkiye Ihracat Kredisi Bankasi (Turk Eximbank), the Islamic bank announced in a statement on Wednesday.

 “The loan is also the first IsDB intervention in Turkey to support Turkish contractors doing business abroad,” the bank said, Anadolu Agency (AA) quoted by Mi’raj Islamic News Agency (MINA) as reporting.

“The main beneficiaries of the loan will be the export-oriented Turkish small- and medium-sized enterprises, enabling them to invest in expanding production capacity and to improve the operational productivity levels,” the bank added.

The bank also said the loan facility will also be used by the Eximbank to finance infrastructure and industrial projects in other IsDB member countries which will be realized by Turkish contractors.

Also Read: UNDP Says 90% of Syrians Live In Poverty

“This is a milestone and win-win transaction in many ways both for Turkey and for the other IsDB members which will benefit from financing for exported materials, equipment and contracting services”  Mohammad Jamal Al-Saati, Director of the Country Programs Department at IsDB, said.

The loan is to finance Turkish exporting companies and it will be guaranteed by the Treasury.

Turk Eximbank is the official export credit agency of the Turkish government.

Turkey has set an ambitious target to reach by 2023, with the goal of increasing its total exports to $500 billion.

Also Read: Egypt to Host Arab Summit on Gaza Reconstruction

Turkish contractors already operate in more than 100 countries, achieving second place after China in the Top 225 International Contractors List. (T/P011/R03)

Mi’raj Islamic News Agency (MINA)

Also Read: Egypt Prepares Comprehensive Plan to Rebuild Gaza without Displacing Palestinians