Export Development Joint Stock Company Established

export development joint stock company was established
export development joint stock company was established

Under the coordination of the Ministry of Commerce, the establishment process of the Export Development Corporation (IGE) was completed in order to contribute to the solution of exporters' access to finance and credit guarantee problems.

The establishment of HDI, which was carried out under the coordination of Minister of Trade Mehmet Muş, was carried out with the contribution of relevant institutions and organizations.

While the Turkish economy recorded a record growth of 2021 percent in the first quarter of 7,2 and 21,7 percent in the second quarter, the contribution of exports of goods and services to the growth rate was 10,8 points.

In order to increase the positive effect of exports on economic growth and make it sustainable, it is important to spread it to the base. While it is necessary to increase the export capacity of companies and their competitiveness in the international market, one of the most important instruments for this is seen as facilitating export companies' access to finance.

HDI was established as a fund open only to exporters, aiming to eliminate the problem of collateral in exporters' access to finance.

Through HDI, exporters who cannot benefit from various credit and support opportunities due to lack of collateral will be able to access credit through bail. On this occasion, exporters will not have to mortgage their factory and land to the bank in order to get a loan, and the collateral problem will be solved.

Exporters' unions will also be partners

The company was established on 10 October with a capital of 95 million liras, 9 percent (500 million 5 thousand liras) partnership of the Turkish Exporters Assembly and 500 percent (14 thousand liras) partnership of Eximbank. In the coming period, legal studies continue for 61 exporters' unions to become partners with the company with the necessary capital contribution.

In line with the export-oriented growth model target, an “Export Credit Guarantee Fund” specialized for companies dealing with exports and foreign exchange earning services will make a great contribution to the sustainable increase of export volume by facilitating small-scale companies' access to finance in the context of export credits and spreading exports to the base.

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