Saturday, May 24 2008 @ 09:45 AM Central Daylight Time
To extend a $600 million USD export finance intermediation loan in a bid to help Turkish exporting firms expand capacity and improve competitiveness, The World Bank approved the request, the bank said in a statement posted on its Web-site. The loan will be given to the Turkish Industrial Development Bank and the Turkish Export Bank, with a government guarantee.
"The performance of Turkish firms and banks will continue improving. I see strong potential for further export development, and I expect that growing financial markets will play an increasingly important role in funding export and private sector growth," said
Ulrich Zachau, World Bank Country Director for Turkey. "Financing for Turkish firms under the EFIL 4 project will help them compete in international markets and increase production and exports," he said.
The loan is the fourth in a series others which have been used to finance about 500 Turkish exporting firms since 1999.
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