Türk Eximbank

Turk Eximbank is making significant strides in interest-free banking to better support exporters, with General Manager Ali Güney announcing plans to diversify the bank's financing and insurance products in line with interest-free banking principles.

"Our goal is to increase the share of interest-free banking products in Eximbank's support to 10% in the first phase," Güney stated.

World Bank Türkiye Director Humberto Lopez has announced plans for a $750 million project to upgrade the country's electricity transmission lines within the next six months, with an additional $750 million investment planned in the coming years.

 President Recep Tayyip Erdoğan has declared a remarkable leap in Türkiye's export performance, emphasizing that what the country exported in a week in 2002, it now exports in a single day.

Seven memorandums of understanding and seven declarations covering a wide range of issues were signed on Thursday between Greek and Turkish ministers in the framework of the 5th High Cooperation Council.

The export credit agencies of Sweden and Turkey inked an agreement to provide insurance for firms which jointly undertake projects in third countries, Turk Eximbank said on May 17.

"Negotiations regarding the deal between Turk Eximbank and the Swedish Export Credit Agency (EKN) has been completed and entered into force," the statement read.

Turk Eximbank aims to increase its export support by 11% year-on-year to over $50 billion in 2021, the Turkish trade minister said on Feb. 5. 

Speaking at Turk Eximbank 2020 Operating Results and 2021 Targets Meeting, Ruhsar Pekcan said the bank's export support rate is projected to rise to 27.7% this year.

Surpassing $15 billion last month, Turkey's exports hit the highest January figure of the country's history, the trade minister said on Feb. 2. 

Turkey's exports in January rose 2.5% year-on-year, Ruhsar Pekcan said at a meeting in the capital Ankara where she revealed preliminary Trade Ministry data.

Turk Eximbank on Dec. 23 signed a memorandum of understanding with the Eastern and Southern African Trade and Development Bank (TDB) to promote bilateral trade with African countries.

The deal will pave the way for Turkey to boost its goods and services exports to 22 member countries of TDB, according to a statement by the Turk Eximbank.

Having provided nearly $7 billion in financing from international financial institutions in the second half of this year, Turkish lenders reaffirmed trust in their country and sector.

Normalization steps around the world and positive developments concerning the COVID-19 vaccine has boosted the global risk appetite.

The World Bank's Board of Executive Directors has approved a partial credit guarantee in the amount of 250 million euros (around $273 million) to the Export Credit Bank of Turkey (Türk Eximbank) as part of the Turkey Long-Term Export Finance Guarantee Project, according to a statement.