UPDATE 2-Turkey to extend new $4.3 bln loan package to companies [Reuters]
TURKIYE GARANTI BNK S/ADR (TKGBY)
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Source: Reuters
Turkey to extend new $4.3 billion loan package to companies: TRT ISTANBUL (Reuters) - Twelve Turkish banks will offer companies a total of 25 billion lira ($4.31 billion) as part of a Treasury-backed loan package, state broadcaster TRT Haber said on Wednesday, in what would be Ankara’s latest effort to boost lending and the economy. Each company would be able to use between 5 and 50 million lira depending on its revenue, it said, adding that 36-month loans will have an interest rate of CPI+4 and 48-month loans will have a rate of CPI+4.5. All loans will have a six-month grace period for the principal amount and the interest rate will be revised every six months according to the consumer price index (CPI) level, TRT Haber said. The loans will be backed by the government’s Credit Guarantee Fund, it added. The Treasury spokesman did not immediately comment. The package would mark the latest step that Ankara has taken to spur lending to liven up the economy, after a currency crisis saw th
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