The International Islamic Trade Finance Corporation (ITFC) has granted $200 million in financing that will benefit the private sector, including small and medium enterprises (SMEs) in Turkey.

A member of the Islamic Development Bank (IsDB), the ITFC extended the Syndicated Murabaha financing to Türk Eximbank, the official export credit agency that is tasked to support Turkish exporters and foreign trade.

The shariah-compliant facility is meant to support the trade financing needs of the Turkish private sector and boost the competitiveness of the export-oriented SMEs, ITFC said on Wednesday.

Since 2009, the ITFC has approved around $3.7 billion in total financing for the credit agency.

 

(Writing by Cleofe Maceda; editing by Seban Scaria)