Turkey to extend new $4.3 billion loan package to companies: TRT

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Turkey to extend new $4.3 billion loan package to companies: TRT

[...] Advertisement The crisis raised the cost of servicing foreign debt for companies who had for years been flourishing on cheap credit, leading to

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The crisis raised the cost of servicing foreign debt for companies who had for years been flourishing on cheap credit, leading to a build up of bad loans in banks.

Finance Minister Berat Albayrak announced in April that Ankara would provide a $4.9 billion to state banks to support their balance sheets. He announced another package in May that would provide banks another $4.9 billion to help bail out some exporting sectors.

Ziraat Bank, Is Bank, Halkbank, Garanti Bank, Yapi Kredi Bank, Vakifbank, Akbank, QNB Finansbank, Denizbank, TEB, Sekerbank and Eximbank will participate in the new loan package, TRT said.

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