State lenders pledge to provide loans to Turkey’s real sector

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The top executives of Turkey’s three public lenders – Ziraat, Halkbank and Vakıfbank – have pledged to lend to Turkish businesses with the aim of supporting economic development and increasing prosperity.

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The managing directors of Turkey’s three state banks met with businessmen in the northwestern province of Bursa on February 3.

“With the actions of the TBB [Banks Association of Turkey] and our work on production, investment and innovation, we will continue to be side by side with the real sector to ensure a 5 percent [economic] growth in our country and protect jobs,” said Alpaslan Çakar, Managing Director of Ziraat and Head of TBB.

In this context, they started their tour of meetings with businessmen from various sectors of the industrial province of Bursa, he added.
In an interview published on February 3, Treasury and Finance Minister Nureddin Nebati estimated that gross domestic product growth last year “is expected to be between 10 and 11 percent, above economic program forecasts. in the medium term”, while the expansion of the economy in 2022 “is expected to be around the medium-term economic program forecast of 5%”.

In 2020, when the pandemic hit the global economy hard and caused a recession in most countries, Turkey managed to post a GDP growth of 1.8%.
Banking and real sector collaboration is vital for “economic development and prosperity,” said Vakıfbank CEO Abdi Serdar Üstünsalih.
“With loans and support products, we have created a safe harbor for dismayed and struggling businesses over the past two years. I believe that strengthening our ties in this extraordinary time will help deepen our long-term cooperation,” he also said.

Halkbank serves Bursa’s businesses and depositors through 37 branches and 500 employees, said bank CEO Osman Arslan.
He also said the bank provided loans of 6.8 billion Turkish liras to Bursa last year, or about $768.5 million when the average lira/dollar exchange rate is 8.90 in 2021. .
“Excluding personal loans, we have allocated a source of 10 billion lira to Bursa. We will provide these loans at affordable costs,” Arslan said.

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İbrahim Burkay, the head of the Bursa Chamber of Commerce and Industry (BTSO), noted that companies need credit support for climate-friendly investments in line with the European Union’s Green Deal.
He said the 60 billion lira credit guarantee fund package revealed by President Recep Tayyip Erdoğan could be a driver to improve supply chains.

Speaking after a January 31 cabinet meeting, Erdoğan unveiled new programs to be provided under the Credit Guarantee Fund to support businesses, including small and medium enterprises.
One of the programs will support the investments of companies that focus on the production of high value-added products while another program will support the export activities of companies, according to the president.
“We aim to create an economic environment that boosts investment, employment, production, exports and current account surplus,” Erdoğan said.

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