The Asian Infrastructure Investment Bank (AIIB) has provided a four-and-a-half-year loan of $250 million to Turk Eximbank at a competitive level of cost.
The loan, under Turkish Treasury and Finance Ministry guarantee, aims to reduce the liquidity constraints caused by COVID-19 and to increase the exporters’ access to finance, the state-owned Eximbank said in a statement on Friday.
It is also aimed to provide low-interest and medium-term support in exchange for export commitments, the statement said.
The bank’s General Manager Ali Guney said the fund will be used within the scope of the bank’s sustainability process.
At least 5% of the loan will meet the working capital needs of women exporters and private sector companies that support women’s participation in the workforce, Guney added.
“The loan is the first transaction AIIB has conducted with an export credit institution,” Guney stressed.