Turkey’s Export-Import Credit Bank (Eximbank) has upped its support to exporters. Financial support increased 16% in dollar terms during January-April, compared with the same period in 2002.

Despite the war in Iraq and an anticipated drop in exports, Turkey’s overall exports increased 35% to $14 billion during the period.

Eximbank plans to provide $3 billion in cash loans and $3.5 billion in insurance coverage and guarantees for Turkish exporters in 2003, up from $5 billion in 2002.

Only firms effecting official, invoiced exports can gain from financial support. As banks no longer offer a platform to industry, Eximbank’s role in providing guarantees for exporters in very important. Furthermore, they intend to offer new facilities to small and medium-sized enterprises (SMEs) so that not only the biggest exporters garner resources.

Nevertheless, firms in all sectors reiterate that credit is slow in reaching qualifying firms, often undermining the intended advantages.

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