Turk Eximbank aims to provide $50B financing for exporters

By Tuba Sahin

ANKARA (AA) - Turk Eximbank aims to increase its export support by 11% year-on-year to over $50 billion in 2021, the Turkish trade minister said on Friday.

Speaking at Turk Eximbank 2020 Operating Results and 2021 Targets Meeting, Ruhsar Pekcan said the bank's export support rate is projected to rise to 27.7% this year.

Noting that Turk Eximbank plays a crucial role in transforming the country's production power into exports, Pekcan said the bank has the ninth-largest asset size in the sector.

Pekcan stressed that Turk Eximbank made 53.9% of its total export loan available while being the largest insurance firm in the country.

Turk Eximbank provided financing – both loans and insurance – worth $45.6 billion in 2020, up 3.6% from the previous year, she said.

"For exporters, Turk Eximbank extended $28.5 billion of cash loan and $17.1 billion of credit insurance last year with a rise of 7% from 2019," Pekcan noted.

The rate of export support increased from 24.3% to 26.9% last year, she said.

The number of exporters also climbed 4% from the previous year to 13,102 in 2020, most of which are small- and medium-sized enterprises (SMEs).

Currently having 20 branches and 11 liaison offices, Turk Eximbank is opening five new branches this year, she underlined.