ANNOUNCEMENT 02 Aug 2017

On 02 August 2017, according to official announcements the UK Export Finance provided an additional 1.75 billion British Pounds (circa USD 2.28 billion) of funding, for boosting UK exports in the Turkish market. Additionally, the UK Export Finance signed an agreement with the Export Credit Bank of Turkey for co-financing projects & contracts aimed at strengthening the trade cooperation and investment between both countries. 

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 1 neutral
  • 0 liberalising

SOURCE

UK Export Finance. 2017. English. New export partnership with Turkey to boost UK trade. https://www.gov.uk/government/news/new-export-partnership-with-turkey-to-boost-uk-trade

Inception date: No inception date

Trade finance

On 02 August 2017, the state-owned UK Export Finance officially announced that it will provide an additional amount of 1.75 billion British Pounds (circa USD 2.28 billion) for the purpose of financing projects and contracts of :

  • Business entities of UK origin which conduct export activities in Turkey
  • Turkish investors which procure services and goods of United Kingdom origin

The UK Export Finance as well stated that the financing packages it provides from now will be available in Turkish Lira -- therefore making it easier for Turkish nationals to trade with the UK using their currency. 

In addition, in the same official announcement, it was also stated that the UK Export Finance had signed a financing agreement with the Export Credit Bank of Turkey. The signed agreement establishes that both institutions will mutually provide co-financing for projects and contracts exclusively aimed to strengthen the trade cooperation and investment between Turkey and the UK.

Türk Eximbank is a state-owned bank. The Turk Eximbank represents the major export incentive instrument of the government of Turkey. Consequently, Türk Eximbank has been mandated to support foreign trade and Turkish contractors/investors operating overseas.

UK Export Finance is a state-owned financial institution. The core scope of the UK Export Finance is to provide favourable financing and insurance to exporters for the purpose of helping them win, fulfil and ensure the payment of their export contracts. 

 

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