Turkey prepares new package to overcome crisis
Economy bureaucrats said that Turkey was actually preparing a new package to revive economy and planned to use foreign financial sources more efficiently, reported World Bulletin.
"Turkey is to provide long-term sources from European Investment Bank, World Bank, and European Bank for Reconstruction and Development with low costs and appropriate conditions," the bureaucrats said.
They also said that Turkey would use the sources to help small and medium scale enterprises get credits more easily and prevent employment loss.
Turkey plans to provide 200-250 million Euro source from the European Bank for Reconstruction and Development. Some of this loan will be used for the small and medium scale enterprises, particularly those operating in energy and food industries.
Bureaucrats said Turkey would ask the bank to increase the amount of loan.
Turkey will mainly use sources from the European Investment Bank to help finance big, small and medium scale enterprises, which are most likely to get affected by financial crisis and economic shrinkage.
The executives of the European Investment Bank said that they thought of granting 2.2 billion Euro loan to Turkey in 2009 under normal circumstances, but could increase the amount in case of special projects.
The executives also said that the loan could be increased to 3 billion Euro, and 1 billion of it would be transferred to banks to be used for small and medium scale enterprises.
Also, Turkey will provide 150 million USD project loan from the World Bank to be used to meet finance needs of the enterprises. This figure might be increased by three-folds in the coming year, authorities said.
Turkey will also provide financial sources from the Asian Development Bank, Japan Bank for International Cooperation (JBIC), United Nations Development Program and the German Development Bank (KfW).