Turkish export credit bank in 2024 financed $7.8 billion

Turkish export credit bank in 2024 financed $7.8 billion

ISTANBUL
Turkish export credit bank in 2024 financed $7.8 billion

Türkiye’s export credit bank, Turkish Eximbank, provided financing of $7.8 billion in 2024, including $3.6 billion in sustainability-related supranational funds, the bank’s CEO Ali Güney told state-run Anadolu Agency.

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Güney said the bank worked with the World Bank, Asian Infrastructure Investment Bank and Islamic Development Bank to support exporters’ green transformation efforts and provide them favorable financing conditions with a total of $1.5 billion last year and a maximum maturity of 10 years.

“We aim to assist our exporters in reducing their carbon emissions via supporting their investments in renewable energy efforts,” he said.

Güney said the Turkish banking sector played a key role in the country’s normalization efforts last year as Turkish Lira deposits rose among total deposits and foreign currency (FX) deposits fell due to tight monetary policy.

“These developments made FX deposits more attractive among other commercial loans for exporters,” Güney said.

The bank prioritizes strategic, high-value-added sectors and small- and medium-sized enterprises (SMEs), he added.

Güney said the bank provided support by producing alternative solutions for exporters in accessing financing in 2024, and the target of $24 billion in credit loans was reached by the end of the year.

He highlighted that the bank financed non-SME exporters with Turkish lira loans, making up 44 percent of the total financing last year, and the bank reached $25 billion in receivables insurance volume, and the ratio of SMEs in exporters receiving financing from Turkish Eximbank totaled 84 percent.

He noted that the bank saw its highest annual financing volume at $49 billion over the same period.