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Turkish, Asian banks ink $200M loan agreement

Turkish, Asian banks ink $200M loan agreement
Deal aims to support firms operating in infrastructure, production who felt fallout of coronavirus pandemic

By Tuba Sahin

ANKARA (AA) - The Industrial Development Bank of Turkey (TSKB) and the Asian Infrastructure Investment Bank (AIIB) have signed a loan deal worth $200 million to support companies hurt by the COVID-19 pandemic.

The agreement aims to meet the liquidity needs of companies operating in infrastructure such as the transport, energy, water, sustainable cities, health, IT, and communication technologies sectors and production, the Turkish bank said in a statement on Tuesday.

Under the COVID-19 Credit Line Project, extended under the repayment guarantee of Turkey’s Treasury and Finance Ministry, companies will be granted working capital loans with a term of up to three years.

Ece Boru, the Turkish bank’s acting CEO, said the loan package will help development banking create solutions for short-term problems and strengthen resilience.

"We will continue to support the sustainable economic development of our country as well as protection of the labor force and production supply chain," Boru stressed.

source: News Feed
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