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The Japan Bank for International Cooperation (JBIC) has signed an agreement for a yen-denominated 10-year export credit line totalling Y8bn (US$74mn) with Turkiye Is Bankasi (Isbank), a private commercial bank in Turkey.

This export credit line, cofinanced by UFJ Bank, is the first to be offered by JBIC to a private commercial bank in Turkey.

The export credit line will provide funds for Turkish firms via Isbank to finance their imports of machinery and equipment from Japanese firms.

Turkey has made steady progress in making structural reforms to the banking sector and adjustments in the financial sector, and the Turkish economy has registered stable growth after the economic crisis of 2000-01.

The country’s trade volume has also increased at a remarkable rate, with both exports and imports reaching record levels in 2003. JBIC is providing this finance in response to many requests from Japanese businesses to create an export credit line to a Turkish private commercial bank.

To date, JBIC’s financial support for Japanese exports to Turkey has largely focused on large-scale plant projects involving the Turkish government. Isbank, which has a solid client base supported by the most extensive branch network in the country, will now be able to provide finance to a wide range of domestic firms for their imports from Japan.