Türk Eximbank takes steps to back exporters amid virus

Türk Eximbank, Turkey's major export incentive instrument, on March 24 introduced a support package for exporters to mitigate the impact of the coronavirus pandemic.

The move aims for exporters to continue production and maintain employment as they see orders falling or being canceled due to virus fears.

The official export credit agency extended credit repayment terms by 3-6 months depending on exporter demand, commitment closure term by a year, prolonged rediscount credit terms to two years, and eased insurance terms.

The bank is working on financial solutions for exporters' stocks piling up due to waning orders, said Ali Güney, the head of Türk Eximbank.
The move was in line with the government's 15.4 billion relief package, Güney underlined.

Since its foundation in 1987, Turk Eximbank has been conducting export credit, buyer credit, credit insurance and guarantee programs aimed at developing economic and political relations between Turkey and other countries.

Meanwhile, state-owned lender Halkbank announced on March 24 that it will provide both business credit cards with a maximum limit of 25,000 Turkish Liras ($3,870) and cash credit lines with the same amount to every applying shopkeepers.

On March 23, four Turkish private lenders and participation banks joined the three state-owned lenders to announced packages to fend off the economic fallout caused by the coronavirus pandemic.

İsBank, Akbank, Ziraat Katılım and Vakıf Katılım said in separate statements that they will postpone both corporate and personal loan repayments and also provide flexibility to their customers.

İsbank became the first private bank to announce its support, saying all the necessary support, including grace periods, will be...