May 15, 2020 / 10:10 AM / 17 days ago

Turkey's Eximbank secures $678 mln syndicated loan -minister

ISTANBUL, May 15 (Reuters) - Turkey’s Eximbank has secured a $678 million syndicated loan from international markets despite the economic impact of the coronavirus pandemic, Trade Minister Ruhsar Pekcan said on Friday.

The loan will be used to finance exporters’ needs, she added.

Trade with Ankara’s main partners in Europe and the Middle East were hit by measures to contain the outbreak of the COVID-19 disease. Data shows Turkey’s exports fell 41.6% year-on-year in April.

Ankara has taken several measures to slow the spread of the novel coronavirus since the first case was identified in mid-March. It has offered cheap credit for businesses, topped up wages and postponed tax payments.

Eximbank said in March it would allow the deferral of loan re-payments by three to six months to alleviate financial difficulties due to falling demand for exports.

Reporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer

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