Japan Bank for International Cooperation (JBIC) has signed a ¥7bn (US$60mn) loan to enable Turkish industrial importer and retailer Enka Pazarlama Ihracat Ithalat to purchase goods such as construction machinery from Japanese firms.
The JBIC loan was co-financed with ABN AMRO Tokyo and was signed following the success of an earlier ¥7bn credit line, set up in September 2006.
Turkey has made steady progress in the structural reform of the financial sector to restore fiscal health. The economy has been strengthening since the economic crisis in 2000 and 2001 and its growth rate has led to comparisons with the BRICs.
Reflecting this economic recovery and growth, Turkey registered record volumes of both exports and imports in 2005, and the trade volume to Japan also increased greatly. The utility of the first credit line led to the additional request from Enka Pazarlama, a close trading partner of Japanese firms, to help secure chances for Japanese firms to receive export orders of a variety of industrial machinery. JBIC will continue to support Japanese companies expand their business opportunities in Turkey.