The International Islamic Trade Finance Corporation (ITFC) has extended a syndicated murabaha facility worth $277 million in favor of Turk Eximbank in accordance with its mandate of promoting trade among OIC (the Organization of Islamic Cooperation) member states.
The partnership intends to boost export-oriented small and medium-sized enterprises (SMEs) and private sector businesses in Türkiye and offer Sharia-compliant trade financing solutions, the ITFC said in a statement.
This facility will boost the private sector’s ability to access trade finance funds by bridging the financial divide and supporting an environment favorable to economic growth and job creation,it added.
“We are still dedicated to making investments to assist Turkish and regional economic growth notwithstanding the global crisis and its challenges,” commented Hani Salem Sonbol, CEO of ITFC.
“As Turk Eximbank, we will continue to work and further increase our efforts to support Turkish exporters. We consider ITFC our strategic partner on this front,” said Ali Güney, general manager of Turk Eximbank.
Since its inception in 2008, ITFC has approved around $3.5 billion in financing for Turk Eximbank.
The financing has also supported a vast number of exporters with a focus on SMEs represented by various sectors, including the textile, food and agriculture, construction, and automotive sectors.