Turkey: USD 200 mln loan to support companies affected by the pandemic

Turkey: USD 200 mln loan to support companies affected by the pandemic

The Industrial Development Bank of Turkey (TSKB) and the Asian Infrastructure Investment Bank (AIIB) have signed a USD 200 million loan agreement to support companies affected by the COVID-19 pandemic.

The agreement aims to meet the liquidity needs of companies operating in infrastructure such as transport, energy, water, sustainable cities, health, information technology and communications technology, the Turkish bank said in a statement on Tuesday.

Under the Credit Line COVID-19 project, which is being extended under the repayment guarantee of the Turkish Ministry of Economy and Finance, the companies will be granted working capital loans with a duration of up to three years.

Ece Boru, deputy chief executive of the Turkish bank, said the loan package would help development banking create solutions to short-term problems and boost resilience.

“We will continue to support the sustainable economic development of our country, as well as the protection of the labor force and the productive supply chain”, Boru stressed./ibna