May 7 (SeeNews) - Saudi Arabia-based Islamic Development Bank (IsDB) said it has signed a syndicated $100 million (92.72 million euro) murabaha contract worth with Turk Eximbank to support small and medium-sized enterprises (SMEs) and mid-cap companies in Turkey amid the coronavirus pandemic.
The murabaha facility, a mode of interest-free financing, has time to maturity of ten years and is expected to increase companies' export capacity and workforce and sustain or create at least 1,000 jobs, IsDB said in a statement on Wednesday.
The facility follows a $270 million line of financing extended by the IsDB to 57 Turkish firms, including 18 SMEs, via Turk Eximbank.
The IsDB is multilateral development finance institution with 57 member countries in four continents.
($ = 0.9272 euro)