Eximbank financing rises to $21.4 billion in first half

Eximbank financing rises to $21.4 billion in first half

Eximbank financing rises to $21.4 billion in first half

The amount of financing Turkey’s Eximbank provided to local exporters increased by 4.4 percent to stand at $21.4 billion in the first six months of the year.

About $13.1 billion of the financing support in the first half was provided in the form of cash loans while the remaining $8.3 billion came in the form of insurance.

All the financing support from Turkish Eximbank corresponded to 25.5 percent of the country’s total exports, the bank said in a statement on July 18.

Eximbank aims to provide financing support of $48.4 billion to local exporting companies this year, which will amount to a support of 27 percent of the total exports.

In 2018, Eximbank’s financing support to local firms stood at $44.2 billion, which accounted for 26 percent of Turkey’s exports.

In the new economic program, released in September, the government said it targets to boost export revenues to $182 billion this year and further to $191 billion in 2020.

Eximbank is the eighth largest financial institution in the Turkish banking system in terms of credit size, according to a July presentation on the lender’s website.

It operates a network of 16 domestic branches and 14 liaison offices with a total of 727 employees.

Eximbank’s non-performing loans (NPL)/total loan ratio was 0.3 percent as of the end of May compared with the sector average of 4.2 percent.