5/28/2008

World Banks gives Turkey $600 million export loan

NTV MSNBC - The World Bank announced Monday that it had approved a $600 million Export Finance Intermediation Loan for Turkey. The funds will be made available to the Turkish Industrial Development Bank and to the Export Credit Bank of Turkey (EXIMBANK), with a government guarantee. Ulrich Zachau, the World Bank’s Country Director for Turkey, said the loan will help Turkish firms and banks compete in international markets and increase production and exports. This will bring more and better jobs for Turkish workers and higher incomes for Turkish families. “The performance of Turkish firms and banks will continue improving,” he said. “I see strong potential for further export development, and I expect that growing financial markets will play an increasingly important role in funding export and private sector growth.”

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