Economy Turkey SMEs bolstered by $2.3bn global funding By Pramod Kumar October 8, 2024, 7:07 AM Reuters Turkey's finance minister Mehmet Şimşek said the support would be used for food security projects and revitalising economic activity in earthquake-hit regions The Turkish government has secured $2.3 billion from international institutions to bolster small and medium-sized enterprises and exporters this year, treasury and finance minister Mehmet Şimşek has said. The funding has been secured from various international institutions through Türk Eximbank and development banks to improve financing access for the sector in the midst of ongoing disinflation, the minister said in a post on social messaging platform X. The financial support will be used for projects focused on food security and revitalising economic activity in the earthquake-hit regions, the state-run Anadolu Agency reported, quoting the minister. The funds will also be used to support international trade, emissions reduction investments and energy production and storage projects. “We stand by our SMEs at all times,” Şimşek said, adding that the government is committed to securing long-term, favourable loans to support the real economy. Turkey’s bounced cheques, loan and card defaults soar Hard-pressed Turks must wait longer for inflation to drop IMF says Turkey is making progress on inflation This month Turkey’s vice president Cevdet Yılmaz claimed that an unnamed Saudi-owned company plans to invest in the country’s energy infrastructure and other sectors, as Anakara targets more than $10 billion in foreign direct investment. In August Turkey secured $100 million from the Jeddah-based Islamic Development Bank to support its agricultural industry, which was impacted by last year’s earthquakes.
