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Turkish Eximbank targets $59 billion in exporter support this year
Turkish Eximbank aims to provide exporters with $59 billion in credit and insurance support this year. SMEs account for 83% of the bank’s approximately 20,000 customers, while 47% of its export loans support high- and medium-high-technology products.
Turkish Eximbank aims to provide exporters with $59 billion in credit and insurance support this year. In a statement marking the 39th anniversary of its establishment, the bank said it provides exporters with credit, insurance and guarantee support.
Established on August 21, 1987, Turkish Eximbank supports companies that export goods and services and undertake projects abroad. The bank aims to increase Türkiye’s competitiveness in international trade through these activities.
Export support has grown over the years
With the financing and insurance support provided by Turkish Eximbank, Türkiye’s exports of goods and services rose from $13.1 billion when the bank was established to $46.4 billion 25 years ago and $401 billion today.
The bank’s support for exporters totaled $7.8 million in 1989 and $5.6 billion in 2001. It is targeting $59 billion in credit and insurance support this year.
The bank, which was established with capital of 500,000 liras, now has equity of 202 billion liras. To reach exporters more quickly, its network has expanded from two branches in 2001 to a total of 35 units today, comprising three regional directorates, 25 branches and seven liaison offices.
This structure covers provinces responsible for more than 90% of total exports. SMEs account for 83% of the bank’s approximately 20,000 customers.
Financing for high-technology exports
Some 47% of the export loans extended are used to finance exports of high- and medium-high-technology products. The bank continues to diversify its financing instruments in line with exporters’ needs.
The Buyer Credits Program, implemented by Turkish Eximbank under the coordination of the ministry, is also among the instruments used for export financing. Under participation banking, murabaha, eser, ijara and istijrar financing are available.
Exporters’ receivables are insured through Receivables Insurance Based on Participation Principles. Funding opportunities for the green transformation, supplier financing and foreign trade transactions have also been increased through international cooperation.
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