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Wednesday 30 Dec 2015 - 13:18 Makkah mean time-19-3-1437
Ankara (IINA) – The Islamic Development Bank (IDB) Group has agreed to provide a loan worth $270 million to Turkiye Ihracat Kredisi Bankasi (Turk Eximbank), the IDB announced in a statement on Wednesday, Anadolu Agency reported.
The loan will be used 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.“The loan is also the first IDB intervention in Turkey to support Turkish contractors doing business abroad,” the IDB Group said.
“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,” it added.
The IDB Group also said the loan facility will also be used by the Eximbank to finance infrastructure and industrial projects in other IDB member countries which will be realized by Turkish contractors.
"This is a milestone and win-win transaction in many ways both for Turkey and for the other IDB members which will benefit from financing for exported materials, equipment and contracting services,” Mohammad Jamal Al-Saati, Director of the Country Programs Department at IDB, said.
Turkey has set an ambitious target to be reached by 2023, with the goal of increasing its total exports to $500 billion.
Turkish contractors already operate in more than 100 countries, achieving second place after China in the Top 225 International Contractors List.
AB/IINA
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