Businesses take out 114 bln liras in loans under new scheme to boost growth: Minister

Businesses take out 114 bln liras in loans under new scheme to boost growth: Minister

Businesses take out 114 bln liras in loans under new scheme to boost growth: Minister

Over 157,000 companies have obtained 114 billion Turkish Liras ($31 billion) in loans under a new scheme to boost the economy through the Credit Guarantee Fund (KGF), Finance Minister Naci A?bal has said.

Speaking at a conference in Istanbul on April 12, A?bal said a number of key incentives had been presented through different credit channels.

“One of the key elements to support economic growth is loan volume. A slowdown in the loan volume in 2016 had a limited effect on GDP growth. In a bid to resolve this problem, we have launched a new key mechanism,” he said.

“Through the Credit Guarantee Fund, we introduced a 250,000 billion-lira loan opportunity to businesses. As of yesterday, some 114 billion liras in loans were used by 157,000 companies through the Credit Guarantee Fund. The acceleration in the use of these loans in recent months has fueled our hopes for the upcoming months. We believe that this amount will hit 250 billion liras,” he added.

Under the framework of Small and Medium Business Development and Support Administration (KOSGEB) loans, around 5 billion liras in cash was recently added to the economy, said A?bal.

Source: Hurriyet Daily News

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