Turk Eximbank hits road for more international cooperation

Turk Eximbank hits road for more international cooperation

ISTANBUL – Anadolu Agency
Turk Eximbank hits road for more international cooperation

Turk Eximbank has stepped up its road shows to raise medium- and long-term financing to support Turkish exporters.

Adnan Yıldırım, the bank’s CEO, told state-run Anadolu Agency that he was going to hold a number of road shows in the U.S., Europe and Asia.

“We’re carrying on work with banks and financial institutions from several countries, especially Japan, and also China, the European region, and the U.S., in order to provide medium- and long-term funding,” Yıldırım said.

The road show programs in New York, Boston, and Los Angeles are set to start on Feb. 21.

“After the U.S. program, we plan another road show program for European countries, who are important sources for us to find funds,” Yıldırım said.

Turk Eximbank expects to raise opportunities for direct funding, to increase bilateral trade, and to pave the way for Turkish firms’ joint programs in the Asia and Africa regions through agreements, he added.

Citing the bank’s recent agreements with its counterparts in Britain, France, Belgium, and Thailand, Yıldırım said the bank plans to do more cooperation with Asian countries in the future, with negotiations continuing in order to reach new pacts with Hungary, Indonesia, Denmark, China, and Saudi Arabia.

Turk Eximbank planned and realized several activities with Japan such as an agreement with Japan’s credit insurance and guarantee institution NEXI, and a road show program with Mizuho Bank, Bank of Tokyo Mitsubishi, nearly 30 Japanese lenders, and financial institutions last year, he stated.

“I hope to see positive results this year,” he said.

Turk Eximbank and the Japan Bank for International Cooperation JBIC on Feb. 16 signed a memorandum paving the way for investors and exporters of the two countries to collaborate in current and potential markets.

He also said the bank has an important role in supporting Turkey’s efforts in Africa.

“We have also done work with Sudanese public institutions and the private sector to boost trade between the two countries,” Yıldırım added.

He stressed that the bank supported Turkey’s exports with $39.3 billion in 2017, fully 25 percent of the country’s exports.

“We aim to raise this support 17 percent to reach $46 billion in 2018, or 27 percent of Turkey’s exports,” he added, noting that Turk Eximbank hopes to approach or surpass the performance of South Korea Eximbank in 2018.

After South Korea’s Eximbank, Turk Eximbank ranks number two in the world in terms of the rate of financing exports.

Yıldırım said the bank in Turkey gathers all services under a single roof, while other countries have more than one institution providing these services.

“The bank distinguishes itself from other eximbanks by supporting all necessities including direct finance, insurance, guarantees, and letters backing exporters and project firms,” he added.

“The bank aims to make Turkish firms more competitive in the country’s region, the Middle East and Asia,” Yıldırım said.

economy, banking,