Türk Eximbank General Director Adnan Yıldırım, struck some resourceful meetings in London by also meeting European Turkish Brands Union (ATMB) as he demonstrated his willingness of investing more in exportation.
The meeting that was joined by the Turkish Trade Secretary to London Aytuğ Göksu and Eximbank International Affairs Manager Banu Erkük. Eximbank General Director Adnan Yıldırım, stated that their vision for this year is increasing the investment to exportation 26 per cent more.
As a bank, Mr Yıldırım also said that Eximbank has supported the Turkish exportation’s 23% by also remarking that investments for exportation shall be increased in near future.
MORE ON TURK EXIMBANK
As a 100% state owned-bank, acting as the Government’s major export incentive vehicle in Turkey’s export drive, Türk Eximbank maintains close co-operation with the related entities of the Government. Türk Eximbank’s policies and operations have been formulated to work within the framework of the export-led growth strategies pursued by all Turkish governments since 1980. Türk Eximbank acts within the framework of Five-Year Development Plans and Annual Programs. Development Plans set strategies regarding foreign trade, industrial development and foreign relations in addition to other economic and social policies. Representatives from Türk Eximbank participate actively in the preparatory stage of these plans and exert an influence on foreign trade policies.
Most developed countries have an export credit agency (ECA) like Türk Eximbank to promote exports. An export financing system should in theory represent a joint effort between official ECAs on the one side, offering insurance and guarantee programs to facilitate exports (in preference to direct credits), and commercial banks on the other side, responsible for financing export operations. This is the way export finance is achieved in many developed countries. Türk Eximbank is different, in that it is one of the few ECAs in the world, which engages in direct lending activities as well as implementing insurance and guarantee schemes within the same institution.
Türk Eximbank regularly presents its annual programs to the Supreme Advisory and Credit Guidance Committee chaired by the Prime Minister or the Minister with whom the Bank is affiliated. This committee fixes upper limits of credits to be extended by Türk Eximbank, guarantees to be issued and insurance transactions to be effected, either as a total amount or by country, sector and product groups.
