credit guarantee fund

Treasury and Finance Minister Nureddin Nebati has unveiled details of 250 billion Turkish Liras ($13 billion) in financing support to be provided to businesses under the Credit Guarantee Fund (KGF).

The support will be given under 14 packages to a wide range of businesses, including manufacturing companies, women entrepreneurs, exporters, private schools and real estate firms.

Within the scope of a new economic reform package, micro and small-sized businesses that increase the number of employees on their payrolls will be granted loans between 100,000 and 500,000 Turkish Liras ($13,200 and $66,100).

Turkey has launched a financial support package to cushion exporters from the impact of coronavirus, Ruhsar Pekcan, the trade minister, announced on May 22. 

The package, called the Stock Financing Support Package, came into use through Turk Eximbank, according to a press release issued by the Trade Ministry.

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) on April 27 unveiled a loan package of 6 billion Turkish Liras ($858.6 million) for its members to help them overcome the financial hardships caused by the coronavirus crisis.

Turkey's Credit Guarantee Fund (KGF) provided guarantees of 227.3 billion Turkish Liras (some $60.6 billion) and credits of 255 billion liras (some $68 billion) to 467,776 businesses since the beginning of 2017, the fund's general manager said.

The European Bank for Reconstruction and Development (EBRD) and Turkey's Credit Guarantee Fund (KGF) have said they are joining forces to expand financing for small and medium-sized businesses led by women.