Türkiye is launching a low-cost TL 250 billion ($5.18 billion) financing package aimed at supporting the manufacturing industry, Industry and Technology Minister Mehmet Fatih Kacır said Friday.
The package will provide small and medium-sized enterprises (SMEs) and large companies with loans of up to 36 months, including a grace period of up to six months, Kacır told an event in Istanbul.
The financing is intended to ease manufacturers' access to financing while encouraging companies to preserve employment levels.
The announcement comes after President Recep Tayyip Erdoğan said late last month the government would expand the Investment Commitment Advance Loan Program to TL 750 billion from TL 500 billion.
This initiative is part of a larger TL 1 trillion financing package designed to support Turkish manufacturers, exporters, and industrial investment projects amidst tightening financial conditions.
