EX-IM BANK $1 BILLION BANK INITIATIVE PROMOTES US-TURKEY TRADE
In conjunction with President Clinton's state visit to Turkey, the Export-Import Bank of the United States (Ex-Im Bank) is announcing approval of a $1 billion trade program for 12 Turkish private sector banks to support Turkish purchases of US goods and services. The announcement follows Ex-Im Bank's first comprehensive review of the Turkish banking sector. The facility covers short- and medium-term transactions over a one-year period, after which it can be extended.
The Turkish banks are: Garanti Bank, Isbank, Yapi Bank, Finansbank, Demirbank, Kocbank, Disbank, Korfezbank, Osmanli Bank, Iktisat Bank, Oyak Bank, and Kentbank. Other public and private Turkish banks, and qualified Turkish importers with established credit, are eligible for consideration of individual transactions.
This is an important and timely action that will help Turkish small and medium-sized businesses to finance their purchases of US goods and services through these pre-approved banks, said Ex-Im Bank Chairman James A. Harmon. The program also will assist Turkey in buying the capital goods and other products it needs to build infrastructure, and further increase the trade between Turkish and US companies.
Turkey is Ex-Im Bank's fifth largest market. Ex-Im Bank is open in Turkey under all of its short, medium and long-term programs in both the public and private sectors. In fiscal year 1999, Ex-Im Bank approved $410 million in financing for 47 transactions in support of US exports to Turkey, including a wide range of capital goods such as refrigeration units, electronics, printing machinery and aircraft. Forty-four of the 47 transactions, and $108 million of the financing, supported small and medium-sized Turkish businesses' purchases. Ex-Im Bank also has significant potential business under review involving US exports to Turkey.
Ex-Im Bank is an independent U.S. government agency that assists in financing the export of US goods and services to developing markets around the world. Worldwide in fiscal year 1999, Ex-Im Bank supported nearly $17 billion of US exports.