Türkiye’s state banks will provide a 30-billion lira ($4.9 billion) financing package to help bail out some exporting sectors such as manufacturing that were hit hard by last year’s currency crisis, Finance Minister Berat Albayrak said on Thursday.
Three big state banks will provide the funding by year end, Albayrak said as he announced the second state-backed package in less than two months meant to revive an economy plagued by bad debt, recession, and high inflation.
The first package announced on April 10, also worth about $4.9 billion, targeted banks. The second package focuses on Türkiye’s automotive and chemical sectors, among others, which are largely dependent on imports of raw materials for production before they are able to export processed goods.
“Import-dependent sectors, as well as sectors contributing to employment, showing a high trade deficit are going to be supported by the financing package,” Albayrak said at a presentation in Istanbul.
(By Ebru Tuncay)
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