December 29, 2017 / 12:18 PM / a year ago

Turkey to create 100 bln lira credit fund loan volume by end-Q1 -officials

ANKARA, Dec 29 (Reuters) - Turkey will create loan volume amounting to 100 billion lira ($26.47 billion) by the end of the first quarter through its Credit Guarantee Fund, state officials said.

The officials said the cabinet was set to approve a 50 billion lira tranche of this total volume in the coming days, and the other half would come from the payment of loans previously granted.

The Credit Guarantee Fund is designed to stimulate the economy by guaranteeing loans to small and medium-sized enterprises that could not otherwise get credit. Its volume was increased by more than ten-fold to 250 billion lira in March.

$1 = 3.7775 liras Reporting by Orhan Coskun and Nevzat Devranoglu; Writing by Ece Toksabay; Editing by Daren Butler

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