(MENAFN) Turk Eximbank is earning EUR380 million (USD430 million) from an association of international banks, Turkey's trade minister stated on Monday.
Ruhsar Pekcan said in a declaration that half of the principal amount of the funding was assured by the World Bank Group's lending arm, the International Bank for Reconstruction and Development (IBRD).
She emphasized that the 10-year funding was given at a "much more affordable" cost than a Eurobond matter with a similar term under the present conditions.
Pekcan said showing the confidence in Turkey's economy amidst the catastrophe over the global pandemic, the fund will open a new loan window for exporters financing working capital and investment expenses.
She emphasized that the deal was the first in Turkey for the banking sector under the partial agreement of the World Bank and the second in the world.
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