Public banks provide $307 mln in loans to some 12,000 firms

Public banks provide $307 mln in loans to some 12,000 firms

Public banks provide $307 mln in loans to some 12,000 firms

Three state-owned banks, namely Ziraat, Halkbank and Vakıfbank, have provided a total of 1.7 billion Turkish Liras worth of loans to 11,500 local firms under the financing package named “İVME” (advanced, productive, indigenous, industry) as of end-July.

“As part of our sustainable and high quality growth target, the İVME Financing Package is moving forward in a successful manner. A total of 5.2 billion liras have been allocated and 1.7 billion of this amount have already been used,” Treasury and Finance Minister Berat Albayrak wrote on Twitter yesterday.

The İVME finance package was unveiled by Albayrak on May 23.

Loans would be provided under the financing package for sectors which have export potential but are riddled with foreign trade deficit and high import dependency, Albayrak said in May.

The package will prioritize medium-high-technology and high-technology products and sectors, the minister underlined, with the provision of raw material, intermediate goods, machinery and agriculture, Albayrak noted at that time.

Under the package, 665 million liras in financing have been extended to companies operating in the machinery and equipment manufacturing industry, the three public banks said in a joint statement yesterday.

The animal feed sector received 310 million liras and soy bean, corn and sunflower producing companies in the agriculture industry obtained another 290 million liras.

The chemicals/plastic industry were provided 170 million liras of financing while the corresponding figures for the food and textile sectors were 90 million and 45 million liras, respectively.

Other sectors have received another 130 million liras under the İVME financing package, according to the banks.