Agreement between Turkish Eximbank and Factoring Companies pleased exporters

TIM President Mehmet Büyükekşi: “We believe a more convenient financial environment will be created for our exporters”.

Inclusion of factoring companies into export credit insurance policies with the new agreement signed between Turkish Eximbank and Factoring companies pleased exporters. TIM President Mehmet Büyükekşi told that diversification of exporters' financing alternatives will present a great source of richness.

In his statement concerning the agreement, TIM President Mehmet Büyükekşi told “We think it can be possible for our exporters to reach easy and cheap financing through the increase of the competition basing on the cooperation among financing institutions. Therefore, we believe financially more convenient environment will be created for our exporters.”

Exporters' competitive power will increase

Indicating that the global competition has been fiercer in recent years, Büyükekşi expressed that for this reason, our exporters need more than ever financial instruments and financing supports that will increase competitive power. Büyükekşi continued:

“For, performing the majority of our country's export, KOBIs are facing certain problems due to lack of business capital today. Considering that the share of the amount of financing provided to KOBIs is about 26% among total amount of credits, it is observed that limited chances of guarantee are the primary reason among the most basic ones. Therefore, putting into practice a stable financial support aimed at exporter KOBIs, developing and actualizing long-term financing methods are of utmost significance.”

Export receivables will continuously come from abroad

Indicating that the agreement will also ensure that export receivables will come to our country continuously and on time, TIM President Büyükekşi stated “Within the scope of the agreement, Eximbank insurance, which covers 238 countries, is added to guarantee service that is received through International Factoring Chain that covers 85 countries. Additionally, while maturity dates that gradually extend in international trade can be received up to 180 days in the current system, they can be received up to 360 days with Eximbank insurance. Furthermore, factoring will turn into the only financial product that is able to provide both collection services and credit to exporters. Moreover, it will be ensured that export receivables will come to our country continuously and on time. Therefore, we, as TIM, assess this agreement as a big step for our target of sustainable and permanent export increase”.

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