TURKEY: US Ex-Im Bank to provide project funds

10 November 1995

US financial assistance totalling around $5,000 million will be provided in a line of credit from The US Export-Import Bank (Ex-Im Bank) towards major projects from 1996 onwards, officials say. Government departments have been instructed to draw up eligible schemes for the funds.

Discussed by Prime Minister Tansu Ciller during a Washington visit in 1994, agreement on the package was finalised recently in the US capital by treasury chief Ayfer Yilmaz. Access to the funds will be limited to US and Turkish companies.

The US may also agree to double a joint facility for third country investment to $1,000 million. The facility was agreed in May between Ex-Im Bank and its counterpart Turk-Eximbank to finance US-Turkish joint ventures in third countries, notably in former Soviet Central Asia.

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