March 31 (SeeNews) - Turkey's chambers and exchanges will provide up to 100 billion lira ($15.16 billion/13.78 billion euro) in loans to small and medium-sized enterprises (SMEs) to support the coronavirus-affected sectors of the economy, local media reported.
Turkey’s Union of Chambers and Commodity Exchanges (TOBB) is leading the initiative that would see a total of 365 chambers and exchanges provide loans worth a total of 50 billion lira to 100 billion lira through banks, Sabah Daily reported on Monday.
The loans will have a term of 18 months and a six-month grace period.
State-owned Ziraat Bank and Halkbank have already agreed to take part in the initiative and talks with private banks are ongoing.
Earlier this month, Turkish president Recep Tayyip Erdogan unveiled a 100 billion lira relief package that will allow coronavirus-affected sectors of the economy to postpone debt payments and have their tax burden reduced.
Turkey's health minister Fahrettin Koca said on Monday that the number of coronavirus cases in the country has increased to 10,827, with confirmed deaths from the infection reaching 168.
(1 euro = 7.25625 lira)