To try and beat the distress caused by COVID-19 affecting the world, the TBB (Turkish Bank Association) is putting together a Tourism Support Package to help businesses relieve any economic fallout from the pandemic that has brought the tourism sector to its knees.
The Support Package in Turkey
The whole aim of the support package is to meet the expenditure both in terms of cash and credit within the tourism industry – from the tourism businesses as those who supply them, as well as the rent and salaries of employees. These measures are being deployed to try and help the negative impact of COVID-19 on the tourist sector and the economy generally, whilst still retaining production values and employment in Turkey.
Treasure and Finance Ministry and Credit Guarantee Fund
Under the guarantee of the Treasury and Finance Ministry and Credit Guarantee Fund, the banks are to allocate a loan amount of 10 billion Turkish Lira (1.26 billion USD). The loans will span over the next five years, with the initial year requiring no payments up until November next year. These fixed rate loans are to be coupled with an interest rate that will not exceed 14.5%.
Supporting the Tourism Support Package
Various Turkish banks have agreed to be part of the package and will allocate the support loans and these include: Akbank, Denzibank, Garanti BBVA, Halkbank, IsBank, QNB Finansbank, TEB, VakifBank, Yapi Credi and Ziraat Bank – the largest banks currently operating in Turkey. There are also various participating banks which include the Ziraat Katilim, Albaraka Turk Participation Bank, Kuveyt Turk Participation Bank, Turkiye Finans and Vakif Katilm.
Tourism industry in Turkey
Even though thousands of visitors from Russia, Ukraine, the UK, and various other countries have continued to visit the Mediterranean and Aegean coasts in Turkey this summer as restrictions have been lifted, it still remains that the tourism industry in Turkey is one of the sectors that has been affected negatively by the worldwide pandemic.
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