Istanbul Unions of Textile and Apparel Exporters (İTKİB) signed a cooperation protocol with ING Bank for access of exporters over 9 thousand, to financing. It is stated that, with the agreement conducted with ING Bank, over 9 thousand companies which are members of 4 exporters’ unions composed of read-to-wear and apparel, textile and raw materials, leather and leather products, and carpet exporters operating under the umbrella of İTKİB will obtain special advantages in accessing financing for export and all other banking transactions. In this package, there are a wide range of banking transactions such as advantageous loan prices, trade financing products and specific forward and spot exchange rate practices for exporters. In addition, ING Bank will join as financier both as consultant and in the investments to be made by İTKİB-member firms at abroad or in cooperation to be made with foreign companies.
ING Bank aims to be the bank that provides support most to the firms performing foreign trade in Turkey. ING Bank’s General Manager Pınar Abay, ING Bank’s Vice General Manager of SMEs (Small and Medium Sized Enterprises) and Commercial Banking İhsan Çakır and Coordinator President of İTKİB İsmail Gülle and union members participated in the signature ceremony of this protocol conducted by ING Bank with İTKİB. Stating that they are an assertive bank on export, as a member of a group operating more than countries all over the world, ING Bank’s General Manager Pınay Abay, aims to be the bank that provides support most to the firms performing foreign trade in Turkey.
Abay stated that, of 30 percent growth foreseen in the fields of SME and Commercial Banking for 2012, 55 percent will be derived from the loans to be granted to exporting companies, and continued as follows; “We see that usage remains low in access to financing by textile products and clothing sectors composing more than one fifth of Turkey’s manufacturing industry. Nonetheless, according to the monthly banking data by BDDK (Banking Regulation and Supervision Agency), the share of textile and textile products sector in total cash loans is limited to 3 percent as of May 2012. Especially when supports such as cooperation protocol signed today are increased, current capacity will grow further. As ING Bank, all of our team feels excited about preparing a competitive package for a sector that is such important for economic development of our country.”
Abay stated they aim to grant a loan of 500 million Dollars particularly for exporters within the scope of this agreement with İTKİB, and said; “As part of our cooperation, we will ensure that surety loan commission will remain at 1 percent in non-cash loan commissions particularly İTKİB-members. Within the scope of this agreement, we accept export insurance policies as guarantee in our loan applications and aim to extend the usage of this product”.
Competitiveness of İTKİB Members will Increase
In his speech, İTKİB Coordinator İsmail Gülle said that, within the framework of Turkish Export Strategy and Action Plan for 2023 that became a state policy, Turkish textile and garment sector will perform their duties successfully in investment, production and export. Gülle reported that, with the protocol signed between İTKİB and ING Bank, Union-member exporters demonstrated the importance attached on increasing international competition and using financial instruments and trade aid tools effectively.
