Turkey’s Halkbank to loan $445- 480 mln to boost economy
Posted by meb at November 26th, 2008
Turkey’s state-owned Halkbank will provide 700 to 750 million YTL ($445- 480 million) to the economy, Bank Chief Executive Huseyin Aydin said on Wednesday.
The bank would secure $200 million of funding from the World Bank and 300 million euros from the European Investment Bank and had already used 80 million euros from the French development agency, Aydin said at Ankara Chamber of Commerce meeting.
Halkbank had earlier this month announced that it would loan 1.5 billion ($900 million) to Small and Medium size Enterprises (SMEs) during the coming period following the government’s decision to supply low-cost credit to small businesses.
“At the end of September total loans reached 24 billion lira. The ratio of bad loans to total loans was 4.4 percent,” said Aydin, speaking at an Ankara Chamber of Commerce meeting.
Turkey had said it would provide the low-cost loans to SMEs in response to sharp economic slowdown as the impact of the worldwide credit crisis filters through to the local economy.
Growing numbers of Turkish companies are announcing production and job cuts, and the country’s business community has called for swift remedial action from the government.
source: Hurriyet daily news
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