Turkish financing package supports production structure

ISTANBUL

Turkey’s financing package for strategic sectors continues to support the production structure of industry and agriculture fields, the country’s treasury and finance minister said on Friday.

With the success in the fight against inflation, demand for the package is increasing, Berat Albayrak said in a Twitter post.

The inflation rate, which saw over 25% level last year, stood at 9.26% in September this year.

Turkish Central Bank’s policy rate — ranged between 8% and 24% last year — lowered to 16.50% in early September.

The country had announced the 30-billion-Turkish lira ($4.9-billion) package, named IVME, in May.

The package, which aims to strengthen exports and value-added production, will prioritize medium-high-technology and high-technology products and sectors.

Within the scope of IVME, allotted credit limit reached 9.5 billion Turkish liras ($1.7 billion) while loan usage amount was 3.3 billion Turkish liras ($579 million), as of end of September, according to the ministry data, revealed by Albayrak.

Meanwhile, financing costs dropped significantly due to inflation based interest rates, he underlined.
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